soldmysole
Registered User
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My partner owns a property on which she owes a total sum of approx €23,000 comprised of maintenance arrears and a one of payment for fire safety upgrades.
I am in a position to pay the outstanding amount but was wondering what the most efficient way to do it would be.
The property is rented and I assume the fire safety payment (10,000) could be written off against her rental income for tax purposes.
The annual maintenance charges have already been offset against the rental income.
If I give her the money is she then liable for a gift tax and if so would it outweigh the benefit of the tax write off?
Am I better to pay it on her behalf meaning she can't write the fire safety payment but doesn't have to pay any gift tax?
I would really appreciate any advice.
Andrew
I am in a position to pay the outstanding amount but was wondering what the most efficient way to do it would be.
The property is rented and I assume the fire safety payment (10,000) could be written off against her rental income for tax purposes.
The annual maintenance charges have already been offset against the rental income.
If I give her the money is she then liable for a gift tax and if so would it outweigh the benefit of the tax write off?
Am I better to pay it on her behalf meaning she can't write the fire safety payment but doesn't have to pay any gift tax?
I would really appreciate any advice.
Andrew