Steve Ireland
Registered User
- Messages
- 2
(even though the it's only my own name on the deeds, I figured/guessed it's up to me who I allow to collect and keep the revenue and it would stay in her account. She'd manage the property. We're not yet married.)
She is looking into going part time, which would bring her existing income down by about half.
TLDR: I have lots of questions about income tax, mortgages, pensions, renting. Is there a type of individual who can consult on all of these things? If so or more than one, what are their job descriptions and where can I find them?
The mortgage was guaranteed by my father so both our names are associated with it but I'm the one making the payemnts.This is your apartment and your mortgage? If so, then you would be liable for tax on the rental profit.
The AIB tracker is 0.9 above ECB so the extra percent seems unattractive. I assume you mean that I could offload the apartment and transfer the mortgage. I don't want to offload the apartment firstly because it's still about 5% shy of the price I bought it for 10 years ago (so not much of an earn for 10 years investment) but also becuase the rental income potential from it is so good in Grand Canal Dock area.Which lender is the mortgage with? If it's with one of the active lenders, you can move the tracker to another property, although the rate would be increased by 1%. This would seem to be the best approach rather than renting out the property.
I'm self employed for last 15 years and had no pension until about 2007. So I wanted to get it up as quick as possible - I'm kicking on 40. Also, the contribution comes off my income tax. I can put 10K into my pension and give 5K to Revenue or not do the pension and give Revenue 10K. The former is more appealing. I only contribute to the max allowed as a tax deduction.You should stop contributing to a pension until you have sorted out your family home. The exception would be if your employer matches your contributions.
The mortgage was guaranteed by my father so both our names are associated with it but I'm the one making the payemnts.
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Could possibly pay the girlfriend to manage the property and then she could pay tax on the management fee, not sure if Revenue would accept it as a bona fide arrangement though.
The AIB tracker is 0.9 above ECB so the extra percent seems unattractive. I assume you mean that I could offload the apartment and transfer the mortgage. I don't want to offload the apartment firstly because it's still about 5% shy of the price I bought it for 10 years ago (so not much of an earn for 10 years investment) but also becuase the rental income potential from it is so good in Grand Canal Dock area.
Also, the contribution comes off my income tax. I can put 10K into my pension and give 5K to Revenue or not do the pension and give Revenue 10K. The former is more appealing. I only contribute to the max allowed as a tax deduction.
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