1. What happens if my father in law dies – who inherits the debt / can I be affected?
2. How can I separate this issue from myself as the revenue don’t seem to understand that I have no access to running / costs / income of this?
3. What can I do to bring this issue to ahead considering that my father in law is paying the losses on the banks side but leaving taxes to me knowing that if I don’t pay taxes I go to jail not him. My wife also wont support me as she doesn’t want to affect her dad.
2nd he took life cover in my wife name on the mortgage yes.
In relation to revenue - first point - he didn't declare it to revenue until 2008 / 2009. I had a tax bill of 8k for years 2007 and 2008 as a result of 10k. This basically broke me.
Current amount owing on the property is €210000. Term 25 years left. I am 35.
My house owing is about €100000.
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Your are correct about taxes - he decided not to pay tax or inform revenue that it was rented out from 2004 to 2007. in late 2008 he registered it for 2007 onwards leaving me to fill out form 11s for years 2007 and 2008 which I had to pay. the bills were €3519 and €3943
Legally you can get out of this scott free, but probably not with your relationships intact
Maybe the FIL is thinking that its only fair that you pay the taxes if he is absorbing the mortgage loss. I could understand that way of thinking also.Your Father in law is helping his daughter and wants to see you do your part, helping your wife
I was trying to work out with DIL and OP mean but I guessed it.
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