My two siblings and I have been left our former family home. It was left to all three of us equally. None of us are in a position to buy the others out right now, but it might be an option in a year or two. For this reason we are considering renting out the house. A local estate agent has valued the house and given us an estimated rental income. He is also offering a management service which I think we would avail of if we go ahead.
So I have a few questions:
Probate has not been completed yet so would we have to wait for that before renting out the property?
What kind of tax would we have to pay on the rental income? My two siblings both live abroad so would this be an issue?
Would we need an accountant? I'm currently a PAYE employee so have never had to fill in a tax return.
If the house increases in value over the next year or two are we liable for CAT if one of us buys the other out?
Are there any other issues we should think about regarding a joint rental investment?
So I have a few questions:
Probate has not been completed yet so would we have to wait for that before renting out the property?
What kind of tax would we have to pay on the rental income? My two siblings both live abroad so would this be an issue?
Would we need an accountant? I'm currently a PAYE employee so have never had to fill in a tax return.
If the house increases in value over the next year or two are we liable for CAT if one of us buys the other out?
Are there any other issues we should think about regarding a joint rental investment?