Any Tax Implications for Mortgage Overpayments in a couple?
- Thread starter Ent319
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Brendan Burgess
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Forget the tax implications.
Make sure that you have an agreement in writing about what you are doing.
Do you own the house 50/50?
Did you put up the same deposit?
Do you make equal payments?
Brendan
Make sure that you have an agreement in writing about what you are doing.
Do you own the house 50/50?
Did you put up the same deposit?
Do you make equal payments?
Brendan
Yes to all three questions. Very much a joint affair. We've always been that way and I wouldn't feel a need to put it in writing. Maybe I'm too much of a romantic? I'd say marriage is on the cards within the next few years anyway.
If there are tax implications for making overpayments in this scenario, it'd be a difficult to forget them as they might defeat the purpose of making overpayments in the first instance.
We'll probably make equal amounts of overpayments. I suppose what I'm wondering is if a windfall of €10,000 comes our way, can we stick it into overpaying the mortgage without having to worry about tax liabilities arising for the other person?
If there are tax implications for making overpayments in this scenario, it'd be a difficult to forget them as they might defeat the purpose of making overpayments in the first instance.
We'll probably make equal amounts of overpayments. I suppose what I'm wondering is if a windfall of €10,000 comes our way, can we stick it into overpaying the mortgage without having to worry about tax liabilities arising for the other person?