Putting my wifes name on deed

[daveh41]

Hello,

I was gifted a property November last year by my mother. My wife's name was not put on it as our solicitor said not to, to avoid tax.

We are now a year in and we have a loan offer for a mortgage to renovate the house but only in a joint deed, joint mortgage. Lender wont do a sole deed, joint mortgage.

Can I put my wife's name on the house now to avail of the mortgage and not be liable for tax?

Thank you

 

[ClubMan]

Can I put my wife's name on the house now to avail of the mortgage and not be liable for tax?

If you mean to make her a joint owner of the property with you then that should be exempt from taxes.

Transferring assets between spouses or civil partners

This page outlines transferring assets between spouses or civil partners

www.revenue.ie

Transferring assets between spouses or civil partners
If you are living with your spouse or civil partner and you transfer an asset to them, you will not have to pay Capital Gains Tax (CGT). Your partner will not have to pay Capital Acquisitions Tax (CAT) on the transfer, as it is treated as a gift.

You'll probably need to pay a solicitor to update the deeds/legal documentation.

 

[dublin67]

Be careful of the gift splitting provisions.