Ceist Beag
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If a couple are renting out a property where one partner works and the other stays at home to mind the children, can you allocate 100% of the rental income to the income earner alone, in order to be able to avail of the home carers tax credit?
The section "If I am married or in a civil partnership and taxed under Joint Assessment, can I claim both the Home Carer Tax Credit and the increased Standard Rate Band for dual income couples?" under http://www.revenue.ie/en/tax/it/leaflets/it66.html states you cannot avail of the increased standard rate band and the home carer tax credit - you choose which is most beneficial to you.
However if only one of you is working are you considered a dual income couple due to rental income and if so, can you allocate the rental income to the earner to then be considered a single income couple and be able to avail of both of these? The property is owned by both and both names are on the deeds.
I didn't think this was possible (and was advised so by my accountant) but I have been in a discussion over on boards.ie where a poster states that this is possible and that they have been doing this for years now.
The section "If I am married or in a civil partnership and taxed under Joint Assessment, can I claim both the Home Carer Tax Credit and the increased Standard Rate Band for dual income couples?" under http://www.revenue.ie/en/tax/it/leaflets/it66.html states you cannot avail of the increased standard rate band and the home carer tax credit - you choose which is most beneficial to you.
However if only one of you is working are you considered a dual income couple due to rental income and if so, can you allocate the rental income to the earner to then be considered a single income couple and be able to avail of both of these? The property is owned by both and both names are on the deeds.
I didn't think this was possible (and was advised so by my accountant) but I have been in a discussion over on boards.ie where a poster states that this is possible and that they have been doing this for years now.