Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie
Hi there,
There is an issue with role permissions that is being worked on at the moment.
If you are having trouble with access or permissions on regional forums please post here to get access: https://www.boards.ie/discussion/2058365403/you-do-not-have-permission-for-that#latest

Motgage Partner debt

  • 31-05-2021 2:47pm
    #1
    Jackben75
    Registered Users, Registered Users 2 Posts: 195 ✭✭


    Hi

    . Basically, if either my wife or myself dies, does the house have any taxation to be paid or is the remaining party tax/debt liability free?

    Apologies for the typos in the subject heading!!


Comments

  • #2
    phormium
    Registered Users, Registered Users 2 Posts: 3,395 ✭✭✭phormium


    No taxation as such but if there is a debt on the property then that still has to be paid unless there is an insurance policy in place to clear it.


  • #3
    Accidentally
    Registered Users, Registered Users 2 Posts: 267 ✭✭Accidentally


    Jackben75 wrote: »
    Hi

    . Basically, if either my wife or myself dies, does the house have any taxation to be paid or is the remaining party tax/debt liability free?

    Apologies for the typos in the subject heading!!

    If you have a mortgage in both names, I'd expect you have a life policy to cover the mortgage. If you owe 200k on the mortgage and the policy is worth 400k, you'd get to keep the remaining 200k tax free. Murdering your wife tends to be frowned upon, and if you love her, 200k and no wife isn't all that it's cracked up to be.


  • #4
    LollipopJimmy
    Registered Users, Registered Users 2 Posts: 5,450 ✭✭✭LollipopJimmy


    Accidentally wrote: »
    If you have a mortgage in both names, I'd expect you have a life policy to cover the mortgage. If you owe 200k on the mortgage and the policy is worth 400k, you'd get to keep the remaining 200k tax free. Murdering your wife tends to be frowned upon, and if you love her, 200k and no wife isn't all that it's cracked up to be.

    Well that escalated quickly


  • #5
    Accidentally
    Registered Users, Registered Users 2 Posts: 267 ✭✭Accidentally


    LollipopJimmy wrote: »
    Well that escalated quickly

    :)


  • #6
    Jackben75
    Registered Users, Registered Users 2 Posts: 195 ✭✭Jackben75


    Accidentally wrote: »
    If you have a mortgage in both names, I'd expect you have a life policy to cover the mortgage. If you owe 200k on the mortgage and the policy is worth 400k, you'd get to keep the remaining 200k tax free. Murdering your wife tends to be frowned upon, and if you love her, 200k and no wife isn't all that it's cracked up to be.

    Lol, not my intention yet ha ha. Have life insurance on the policy, however i assumed the remaining mortgage was paid, i didn't realise it was for the full amount which is a nice bonus. Hopefully it never comes to that though !!Thanks all


  • Advertisement
  • #7
    phormium
    Registered Users, Registered Users 2 Posts: 3,395 ✭✭✭phormium


    Depends on the type of policy you have, if a bog standard decreasing mortgage protection then it does only pay out whatever is outstanding on the mortgage, no surplus!

    You need to have a level term policy for it to pay out the original amount insured, not the most common type taken out for mortgages so check what you have.


Advertisement