S
skyway99
Guest
Hi,
I'm moving to a new job in Germany in the next few months. I currently own a house here in Ireland with my brother. To all intents and purposes, he owns it in all but name and lives there with his wife. They look after the mortgage and all the other day-to-day costs. There is no rental income on the property.
What is involved in transferring sole ownership to him? If I gift him my half share, what are the tax implications? Anything else that I need to watch out for?
I don't want a situation down the line where I would be liable for tax if the brother moved house and put this one up for rental.
Thanks in advance.
I'm moving to a new job in Germany in the next few months. I currently own a house here in Ireland with my brother. To all intents and purposes, he owns it in all but name and lives there with his wife. They look after the mortgage and all the other day-to-day costs. There is no rental income on the property.
What is involved in transferring sole ownership to him? If I gift him my half share, what are the tax implications? Anything else that I need to watch out for?
I don't want a situation down the line where I would be liable for tax if the brother moved house and put this one up for rental.
Thanks in advance.