Renting to a family member

In answer to your question, there may well be tax implications if you give her a reduced rate depending on the amount. Whatever you decide and no matter how well you get on, I’d put the agreement in writing. I’m no tax expert so I’d let others advise on details.

Value the house. Use the lowest valuation.

Then an option is for her to buy you out at that valuation over a period of time with your percentage reducing in line with the amount paid.

Eg, valuation 240k, your half is 120k, she pays 1.5% interest over 15 years for your half at €750 a month.

You then put an extra 1200 a month from your gross salary into your pension and assuming you are on high rate tax, it's a win all round as your net income remains about the same.

Because she she only owns 50% of it!

that’s a terrible idea. If she buys home out she needs to do it with a lump sum.

I'd have a hard time being a tenant in a house I felt I was the owner of

Good few things that could cause arguments here....decorating, renovating, repairs and maintenance, succession for both of you when you are towards end of life yourselves.

I'd try get her to buy you out or sell altogether.

I don't think you can legally charge rent to someone who co-owns a property. Joint owners each have a legal right to possess the entire property.

If your sister wants the full use of the property without you in it then you could charge her a sole occupancy charge but I'm not sure can you if it's your choice not to occupy the property.

It may not be legally enforceable, but I'm sure it's possible if mutually agreed.

A buy out would be best, along with specialist tax planning advice. But it's not essential if the siblings can come to an agreement which includes the costs of insurance, maintenance and LPT.

Another example of stupid wills with unforeseen human condition. A will written by someone with no understanding of people or wanting to tie people into business relationship unnecessarily.

Yes it is, and is the source of a load of heartache. It is naive to think that all people will settle amiciably without averace or greed. "I was his favourite" "you Fu*ked off to England and left us to look after him", "you never had any interest in the farm until he was at deaths door". This is the human aspect of it. It should be "the farm should be sold immediately upon my death and the proceedes be divided among my nephews Huey, Dewy and Louis", no argument. Then you have dreamers who wont sell their share and wont be given loans by the bank, chancers who want to live in the house for free. Long complex wills are the arguement points of many families. Then you have wills where the deeds have fallen behind for generations.

Oh and you do have the malicious Uncle who leaves no will or constructs a will with an asset that has to be shared with two contentious people, marrying them to each other for many years. My uncle left no will and a farm. It caused great vexation between my father and his brother in law. Stupid people who dont have the patience to let the courts work their way through the paperwork. I never said one offspring should get everything but since you bring it up, a farm is its own entity and the practice of sub dividing farms for 3 of 4 generations has lead to great tragedy and was part of the architecture of the Penal laws where the sons had to get an equal part of the farm. Farms dont work like that. There are very complex plans for inheritances, like planning which child will take over, when the parent will relinquish control of the farm, herd number, taxations ……. its complex. This rubbish of 5 kids waiting on Dad in their 40's to die and it to be left to the mother is nonsense and poor planning.

There are a lot of assumptions there. First the OP gets on with their sister. Second the sister may come to resent her sibling because she has become her banker. There are no human factors counted in. Then what happens if either sibling dies, does the debt die with them. What if through no fault of her own, the sister loses her job, what about arrears? I certainly would like to be the behest to my sisters, not because they are bad people just human nature. This could get very messy especially if there is a second generation involved. The first objective should be peace in the family, this could potentially cause conflict.

Does anyone know that Jameson and Tullamore Dew have halted production for three months? What does that tell you?

That would be a good reason to sell the house then and split the money.

And the sister moves into one of the rental properties that are in abundant supply around the country?

There are really 3 choices

1. Sell and split the money
2. The OP rents out the property to a stranger/s that shares with the sister
3. The sister pays rent for half the house she doesn't own

The sister would never be paying rent to live in her own house as she doesn't own it she only owns half. The sister is not entitled to have half of the house for free use just because she owns half. The brother is entitled to his half or the income from it.