KrakityJones
Registered User
- Messages
- 13
Hi,
I'm completely lost at how to handle the following situation.
In brief bought a house in 2007 boom with then girlfriend. split with her shortly after.It has been rented on and off since approx 2008, no tax paid. first off can i politely ask not to point out how stupid that was, it was a... surprise breakup (to me) and i just wanted nothing to do with the place afterwards. A huge mistake on my part.
Anyway it's now caught up with me and Revenue want details on all incoming/outgoings on the house for the last few years. Here is my dilemma.
All the rental income etc was handled by my ex. I was aware that the house was rented but had no involvement in it other than to sign my name on the lease as co-owner. All rent was paid into their account. I recently discovered that for a large period of time this rent was not in turn being paid into the mortgage account, leaving it in arrears. (This is a whole other situation I'm dealing with)
My first question therefore is :
Say for example year 1 the mortgage was paid in full - ie the rental income went to the mortgage. I would say therefore that I benefited from it, and so would be liable for tax on the income. Is that correct?
Secondly - say year 2 the mortgage was never paid - ie the rental income didn't go to the bank, didn't go to me, so I would say I did not benefit from it. So would I be right in saying I am not liable for tax on that period of time?
Next question then is in relation to property tax. as I own half the property as such, am I only liable for half the property tax/NPPR? I assume not - that revenue don't care about that, they just want it paid. In normal circumstances I would pay the full amount and get 'my half' back from my ex, but I know I would never see a penny of it.
I guess my question would be : is there any way that I can avoid being stung for the entire amount? Nppr + property tax since 2008 is going to be a pretty hefty bill.
Overall I suppose I'm trying to figure out if I can deal with revenue on just 'my half' of stuff or how does this work - has anyone been in a similar situation? Any opinion/help would be hugely appreciated, thanks
I'm completely lost at how to handle the following situation.
In brief bought a house in 2007 boom with then girlfriend. split with her shortly after.It has been rented on and off since approx 2008, no tax paid. first off can i politely ask not to point out how stupid that was, it was a... surprise breakup (to me) and i just wanted nothing to do with the place afterwards. A huge mistake on my part.
Anyway it's now caught up with me and Revenue want details on all incoming/outgoings on the house for the last few years. Here is my dilemma.
All the rental income etc was handled by my ex. I was aware that the house was rented but had no involvement in it other than to sign my name on the lease as co-owner. All rent was paid into their account. I recently discovered that for a large period of time this rent was not in turn being paid into the mortgage account, leaving it in arrears. (This is a whole other situation I'm dealing with)
My first question therefore is :
Say for example year 1 the mortgage was paid in full - ie the rental income went to the mortgage. I would say therefore that I benefited from it, and so would be liable for tax on the income. Is that correct?
Secondly - say year 2 the mortgage was never paid - ie the rental income didn't go to the bank, didn't go to me, so I would say I did not benefit from it. So would I be right in saying I am not liable for tax on that period of time?
Next question then is in relation to property tax. as I own half the property as such, am I only liable for half the property tax/NPPR? I assume not - that revenue don't care about that, they just want it paid. In normal circumstances I would pay the full amount and get 'my half' back from my ex, but I know I would never see a penny of it.
I guess my question would be : is there any way that I can avoid being stung for the entire amount? Nppr + property tax since 2008 is going to be a pretty hefty bill.
Overall I suppose I'm trying to figure out if I can deal with revenue on just 'my half' of stuff or how does this work - has anyone been in a similar situation? Any opinion/help would be hugely appreciated, thanks