switching from joint ownership to single ownership

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josoap

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As a married couple, we would like to maximise income taxable at 20% by possibly transferring an investment property from our joint ownership into the full ownership of my wife.
Can anyone suggest what costs might be involve in making the switch from joint ownership. Are there any legal procedures to be followed.
 
Thanks for reply. Wife's part time income €13k plus 50% of rental income €6k ie €19k is taxable at 20%. I pay tax on the remaining €6k rental income at 41%. If we could switch all the rental to my wife she would then pay 20% tax on income of €25k and therefore non of the rental income would attract tax at 41%.
 
josoap said:
Thanks for reply. Wife's part time income €13k plus 50% of rental income €6k ie €19k is taxable at 20%. I pay tax on the remaining €6k rental income at 41%. If we could switch all the rental to my wife she would then pay 20% tax on income of €25k and therefore non of the rental income would attract tax at 41%.
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It doesn't matter who owns the house. What matters is who is receiving the rental income. Get the lease/rental agreement in your wife's name perhaps at next renewal. Your wife can then pay tax of 20% on the rental profit.

I do it this way myself.
 
I don't think it's as simple as that. We had a thread on this subject about 2 years ago. One would want to be very clear with revenue that this is ok. By very clear I mean in writing.
 
DonKing did you check it out before you changed the rental agreement to your partner. As one lease is just due to be renewed. Was hoping to get as much info before getting on to revenue.
 
josoap said:
DonKing did you check it out before you changed the rental agreement to your partner. As one lease is just due to be renewed. Was hoping to get as much info before getting on to revenue.
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When I changed tenants, the new lease was put in my wife's name. This was based on my Tax consultants advice.
 
Thanks again DonKing, sorry for not replying earlier. All down with flu. As i said renewal up soon, so will definitely work on your advice.
 
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