I bought a property in my home village in July 2001 I got the first time buyers grant plus as it was a new house was exempt from stamp duty. The property cost c 176K in July 2001. As I was working in Dublin I rented in Dublin and viewed the property as my PPR. I rented out the property to cover the mortgage repayment. During this while I never got around to reviewing this situation from a tax liability point of view
The plot thickens - I have now gone joint on a mortgage with my husband on a property in Dublin where I now live. The property is registered in his name and we bought the house April 2005. Ultimately I want to live in the property in my home village and for that reason I would prefer not to sell it.
I am anxious now to tidy up my tax affairs and I'm trying to figure out the best way to minimise my tax liability. I have found it difficult to find a good tax advisor to help me organise this mess so would appreciate any feedback on this front. I am a PAYE worker.
My questions are as follows :
(1) If I chose to declare my dublin property as my PPR and then declare my village property as an investment property would there be stamp duty clawback and what other monies could I end up owing.
(2) Can any one advise me on the possible different scenarios and the best one to minimise my tax liability ?
(3) Could anyone recommend someone where I could go and discuss this with.
I really want to tidy this mess up so any help would be appreciated.
Laura
The plot thickens - I have now gone joint on a mortgage with my husband on a property in Dublin where I now live. The property is registered in his name and we bought the house April 2005. Ultimately I want to live in the property in my home village and for that reason I would prefer not to sell it.
I am anxious now to tidy up my tax affairs and I'm trying to figure out the best way to minimise my tax liability. I have found it difficult to find a good tax advisor to help me organise this mess so would appreciate any feedback on this front. I am a PAYE worker.
My questions are as follows :
(1) If I chose to declare my dublin property as my PPR and then declare my village property as an investment property would there be stamp duty clawback and what other monies could I end up owing.
(2) Can any one advise me on the possible different scenarios and the best one to minimise my tax liability ?
(3) Could anyone recommend someone where I could go and discuss this with.
I really want to tidy this mess up so any help would be appreciated.
Laura