Relief on Rent paid ? (HOUSE SHARED OWNERSHIP)

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deco87

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Nearly three years ago , as a result of my divorce , I contributed 33 percent to a house and my parents have the balance. Equal shares.

To ensure no liability to the tax man I pay my parents 6.000 a year as rent to my parents.

This advice was given by an accountant to ensure no one is left with any outstanding liability.

Is this 6000 euro , allowed in any circumstances to lower my tax liability. I a,m thinking of the bill due from revenue re augmenting wages
in recent times

thanks
 
deco87 said:
To ensure no liability to the tax man I pay my parents 6.000 a year as rent to my parents.
Click to expand...

This is not necessary from a tax point of view. If they are willing your parents may gift you €3,000 per year each (i.e. the rent) with no tax implications
 
@deco87
I'd suggest maybe getting a second opinion on the whole setup involved. If I remember correctly, you've asked a few questions in relation to this house, and different tax / inheritance implications. There's obviously a reason it was structured this way in the first place, but it'd be worth reviewing it and fully understanding why it is the way it is.
 
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