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Letting someone stay in your house rent free

mickrourke · 2014-10-28 07:42:29

Hi, I have a little query I am not too sure about and I was wondering if someone could help me with. I have 2 houses, one in County Clare which I use as a holiday house. I have registered this house as a 2nd house, pay tax on it etc, but I have never rented it out to anyone, only let friends and family stay for a while.…

Comments

#52 01-01-2015 4:10pm

delthedriver

Closed Accounts Posts: 4,958 ✭✭✭

Join Date: May 2011

Posts: 4862

shreddedloops wrote: »

I'm in a similar problem to OP, however I'd imagine there's much less room for serious issues arising.

My parents recently bought a house with the plan to rent it out. However, since myself and my girlfriend are currently in a position to move in they would be happy for us to do so but would only want to charge us about half of the 'going rate' for rent.

We're unsure at the moment whether the property would have to be registered with PTRB or not?

And in which cases would we have to pay gift tax/they have to pay income tax etc.?

Seems like a minefield of an area so any tips would be welcome.

If your parents are renting a property to you or anyone else it needs to be registered with the PRTB.

Yes they are liable for tax on incomes earned from renting out bthe property.

Your parents are not gifting you the property, so gift tax is irrelevant.

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