He can spend it on drink and dancing girls if he likes. Why have the hassle and worry of being a landlord?And do what with the money?, watch it sit there in the bank, buy a bigger car?
I would probably give him some comfort having a big ball of cash in the bank. Old people are funny that way.It probably gives him some comfort having these interests to mull over. If hes fit and healthy, there is no need to watch his money dwindle away in the bank. Sounds like hes not short of any income which would impede his life.
I would give it over to an agent.
To give a very rough estimate, How much was it bought for? Including Stamp duty.The house was bought approx 15 to 20 years ago - what would we need to estimate the size of the CGT bill?
This would be considered child abuse and not to be recommended.He can spend it on...dancing girls if he likes.
Dancing women then. Or dancing men; each to their own etc.This would be considered child abuse and not to be recommended.
Thanks, I will raise that with him. If he does sell, he would more than likely use the same solicitor, so that bit should be relatively simple if it is needed. He has an enduring POA in place as well, with myself as one of two relatives nominated to be POA if required.Op if he does have his will in place,he might need too update it if he does sell the property.
I will check about the LPT & NPPR, as I don't recall these as being part of any conversation over the years.Another factor to take into account, is - has be been paying property tax, the dreaded NPPR, is tenancy registered with TB and is he declaring the income to Revenue?
Agree, that is the main objective - to use the opportunity of the house being vacated to make the correct decision that removes this burden.Having said that, selling is the preferred option. Why bother him with the duties of being a landlord? No point in you burdening yourself with them either.
33%, no?The tax is then 30% of the profit, less a tiny exemption of €1270.
It's not relevant to his decision to sell.As it was an investment property, would it have had stamp duty?
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