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Farm/Land Rental Income

  • 02-02-2021 3:18pm
    #1
    LockDownHelp
    Registered Users Posts: 5 ✭


    Hi All,
    My elderly dad has given me the rent that he would normally lodge in his own account.

    It's hundreds not thousands. I don't own the land and I very much doubt if I ever will.

    The tenant sent him a chq with a blank name and he just put my name on it and gave it to me. Very kind of him, but could anyone tell me if he is still liable for the tax on it or am I? Could it be deemed a gift from him to me?

    Many thanks.


Comments

  • #2
    Stratvs
    Registered Users, Registered Users 2 Posts: 958 ✭✭✭Stratvs


    The land is his the rent payable is his income. How it's paid to him or what he does with it is irrelevant.
    I'm sure the tenant still put your Dad's name on the stub of the cheque being for land rent for their records / tax deduction.
    You can receive a gift of up to €3,000pa from a parent without it eroding your CAT threshold. ( small gifts exemption )
    Is his other income over the tax threshold already ? You say he normally lodges it. What was he doing tax wise up to now?
    Is the land let short or long ( 5 years or more ) term, if long it may be tax exempt already.


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