I could use guidance.
Possibly the only good decision I made was buying my former home in the States 20 years ago.
Since then I left employment to stay home and raise kids, returned to Ireland almost a decade ago (for husbands job - which did not work out).
Now at 50 I am in Ireland with a very heavy mortgage (530K), 2 teenagers. Husband is unable to find work here.
The good news is that the mortgage is paid off on the US home, which is in my name. I am doing a small bit of teaching in Ireland (not a fulltime job, just a few hours weekly) and renting out a room on the house here, but the mortgage is well beyond my means to cover alone.
The house in US was rented sporadically. We did not have a great experience with property management company, so it has sit vacant for over a year.
Husband now has a job in another US state and his company will pay closing costs on the property (20-30K) as part of relocation. He wants to sell it.
The market seems to be holding up due to reduced inventory and there is a cash offer at the moment. (380K) - which I need to respond to today.
Husband wants me to quick-deed the house to him to avoid Irish taxes (as he is not Irish and does not reside in Ireland at the moment)
Considering how vulnerable I am financially--should I keep it myself, as an income stream? (According to husband it could clear 1k a month after tax)
Or is it best to sell now and have a cushion?
My preference would be to stay in Ireland, and retire here but having only worked a few months here (teaching) I'm aware that I haven't built up any stamps, and don't know if I'd qualify for state pension. (I have 10 years of paying taxes in the states while employed there)
Any savings I had were wiped out on a bad property investment in the US, so my savings, pension, stock etc. are all gone.
*I am not 100% sure which forum to put this into, so mods please move if you think it would be better placed elsewhere*
Possibly the only good decision I made was buying my former home in the States 20 years ago.
Since then I left employment to stay home and raise kids, returned to Ireland almost a decade ago (for husbands job - which did not work out).
Now at 50 I am in Ireland with a very heavy mortgage (530K), 2 teenagers. Husband is unable to find work here.
The good news is that the mortgage is paid off on the US home, which is in my name. I am doing a small bit of teaching in Ireland (not a fulltime job, just a few hours weekly) and renting out a room on the house here, but the mortgage is well beyond my means to cover alone.
The house in US was rented sporadically. We did not have a great experience with property management company, so it has sit vacant for over a year.
Husband now has a job in another US state and his company will pay closing costs on the property (20-30K) as part of relocation. He wants to sell it.
The market seems to be holding up due to reduced inventory and there is a cash offer at the moment. (380K) - which I need to respond to today.
Husband wants me to quick-deed the house to him to avoid Irish taxes (as he is not Irish and does not reside in Ireland at the moment)
Considering how vulnerable I am financially--should I keep it myself, as an income stream? (According to husband it could clear 1k a month after tax)
Or is it best to sell now and have a cushion?
My preference would be to stay in Ireland, and retire here but having only worked a few months here (teaching) I'm aware that I haven't built up any stamps, and don't know if I'd qualify for state pension. (I have 10 years of paying taxes in the states while employed there)
Any savings I had were wiped out on a bad property investment in the US, so my savings, pension, stock etc. are all gone.
*I am not 100% sure which forum to put this into, so mods please move if you think it would be better placed elsewhere*