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Split Rental income with Spouse

  • 13-11-2020 7:05pm
    #1
    boffin54321
    Registered Users Posts: 80 ✭✭


    Does anybody know how to split rental income/profit with your spouse so as to save tax?

    We're jointly assessed but the mortgage and title deeds of the rental property is in my sole name & therefore is fully assessed in my name.

    Thanks


Comments

  • #2
    relevanc
    Registered Users, Registered Users 2 Posts: 55 ✭✭relevanc


    Add your spouses name to the title deeds then the assessable case V will be split between both of you.


  • #3
    boffin54321
    Registered Users Posts: 80 ✭✭boffin54321


    Thanks for that.

    Complication is that there is a mortgage on the property and the bank won't allow me to add my spouse to the title deeds without taking out a new mortgage.
    I'll then lose the tracker rate on the existing mortgage.

    Any ideas on what I can do?


  • #4
    Bobby1984
    Registered Users, Registered Users 2 Posts: 268 ✭✭Bobby1984


    Sorry I haven't really thought about it in detail and don't really have all details but offhand, I can't really see how you would save on tax. You probably have the increased threshold and married person tax credit if your spouse has no income. By splitting income, it wont give you any additional credits and your spouse could potentially lose the home carer tax credit if it is being claimed.

    As I said, its hard to get a full picture without seeing figures but I just said I'd give my input to see if it helps.


  • #5
    boffin54321
    Registered Users Posts: 80 ✭✭boffin54321


    By splitting the rental income I would benefit from the individualisation of the tax bands - my wife would be taxed at 20% on the split rental income instead of 40% for me.

    Is this right?

    And is there a mechanism to split the rental income when the title deeds of the rental property are in my name without having to get the banks consent?


  • #6
    relevanc
    Registered Users, Registered Users 2 Posts: 55 ✭✭relevanc


    [quote="boffin54321;115360136"
    And is there a mechanism to split the rental income when the title deeds of the rental property are in my name without having to get the banks consent?[/quote]

    Unfortunately not.


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