First time buyer status or not?

On TRS side of things, you can only claim this on a property which is your principal residence.

So in the scenario where say 2 individuals owned 2 houses claiming TRS on each, once they are married, only one of these houses will be the principal residence.... unless ye happen to be living apart :)

So in this case, you cannot claim TRS on whichever property is no longer the single principal residence.

The married status does increase the ceiling for relief however so what will happen is the amount of relief you would receive from the single new prinicpal residence should be greater.
 
If one person wanted to keep their old home for an investment property and buy a new home with their new FTB wedded partner.??
As far as I know you are entitled to TRS on an investment property, so am not sure that this answers the question.
 
Ceatharlach said:
If one person wanted to keep their old home for an investment property and buy a new home with their new FTB wedded partner.??
As far as I know you are entitled to TRS on an investment property, so am not sure that this answers the question.
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No, if you look at the link to Revenue provided earlier in the thread, the first question says:

Revenue said:
1. What is Tax Relief at Source (TRS)?

Since 1 January 2002, tax relief for home mortgage interest (known as TRS) is now given at source. There is no change in the qualifying conditions for mortgage tax relief. Mortgage TRS can be claimed in respect of qualifying loans secured on the deeds of your main residence i.e. a new mortgage, a top up loan, a home improvement loan, a re-mortgage or a consolidation of existing borrowings. The mortgage tax relief element on the mortgage interest is given, by your lender, either in the form of a reduced mortgage payment or a credit to your funding account. It is not necessary to claim mortgage interest relief in the annual tax return, and it no longer appears on your Notice of Tax Credits.
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I am still slightly confused regarding the TRS treatment. I have been living with my partner for the past 5 yrs in an apt which she purchased 6 years ago. we are due to marry next july. I incorrectly assumed that i would qualify as a FTB however undderstand that this is not the case. My fiance would be happy to put me on the deeds now but would there be any advantage from a TRS perspective? any advice welcome
 
Thats fine about the investment property Mentalnote, but did not answer the question of if and how a newly married couple can/cant avail of first time buyer TRS if one is a FTB and entitled to it. How can you have individual tax benefit if you get married? I did look at the revenue site and its not clear.

I have got an answer from the tax office on this however. Basically each individuals status is calculated then is added together to get the status for them as a couple.
 
Ceatharlach said:
I have got an answer from the tax office on this however. Basically each individuals status is calculated then is added together to get the status for them as a couple.
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That's actually what I was getting at in my original response, but having re-read the post, I can see why you didn't get it. Sorry..... :eek:
 
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