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Helping a friend

  • 29-12-2023 6:52am
    #1
    LLMMLL
    Registered Users, Registered Users 2 Posts: 4,590 ✭✭✭


    I have a friend who worked in Ireland for a year, now lives permanently in the US, and is owed about 10k from Irish revenue.

    The friend no longer has an Irish bank account and revenue have told her they cannot lodge to her US account. My friend has asked me can revenue lodge to my account and I transfer the money to her (with her paying all fees). Revenue are apparently ok with lodging to an Irish account that is not hers.

    I completely trust my friend and there is nothing dodgy going on. However I will be looking for a mortgage in the next 6 months and am concerned how 10k going through my account will look. I am also wondering about any potential tax implications.

    Would anyone have any advice on the above?

    1. Would it be a red flag to.mortgage providers?
    2. I've suggested an alternative where revenue pay me, I keep the money, and give her the equivalent amount from.an account I have in the US. Would this have any implications mortgage-wise? Basically instead of 10k passing through my account I would be keeping the 10k.
    3. Are there any options that don't involve the money going through me? Could she open a US revolut and have a euro account with them that has an Irish iban?

    Thanks for any help.



Comments

  • #2
    Allinall
    Registered Users, Registered Users 2 Posts: 7,015 ✭✭✭Allinall


    I don't see any issue arising with your mortgage application.


    Just keep all documentation from revenue with your friends name and showing they are due the refund, and details of the transfer in and out of your account and you should be fine.

    I am not sure if there are any restrictions on transfers of that amount to the US. That may or may not be an issue.



  • #3
    Unknownability
    Registered Users, Registered Users 2 Posts: 976 ✭✭✭Unknownability


    If you're anyway worried, I'd suggest your friend just open an online account with Revolut or another provider.



  • #4
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,611 Mod ✭✭✭✭Jim2007


    https://www.boards.ie/discussion/2058328704/helping-a-friend
    1. There is no reason for this to be a red flag, you will have supporting documentation if asked
    2. You are make a big red flag for yourself because if asked you will have to explain your attempt at deception and that will not go down well.

    In general it is best to remember you are the amateur, dealing with the professionals and just stop trying to come up with schemes to outsmart them, because I can guarantee you there is nothing you can come up with that we have not heard before. You are not doing anything wrong, so stop trying to create problems for yourself.



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