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

Shared mortgage tax implications

jooksavage · 2022-03-25 15:35:29

Back in 2005, my wife's aunt died. She left a house after her to be divided between her siblings. My future father in law, in order to buy out the rest of family got his daughter (my wife) and son to take out a jointly-held mortgage. Fast forward 13 years, wife and brother-in-law both contributed to the mortgage repayments…

25-03-2022 3:35pm

#1

jooksavage

Registered Users, Registered Users 2 Posts: 1,535 ✭✭✭

Join Date: March 2015

Posts: 1465

Back in 2005, my wife's aunt died. She left a house after her to be divided between her siblings. My future father in law, in order to buy out the rest of family got his daughter (my wife) and son to take out a jointly-held mortgage.
Fast forward 13 years, wife and brother-in-law both contributed to the mortgage repayments until 2018 when wife and myself got our own mortgage to build our house. At that point, brother-in-law took over the repayments. There was still a 170K owed on the mortgage when my brother in law cleared it with a lump sum in recent weeks.7
My question: as my wife was named on this jointly-held mortgage, would she be liable for any tax because her brother cleared the mortgage? Does this constitute a gift?
We've never lived at this house. My wife and her brother were digging their dad out and they assumed this final payment would draw a line under it. Obviously, I'm concerned this might not be the case tax-wise...

0