N
Nosey
Guest
My father is considering renting out his apartment which he owns and moving into a house which he will rent from another relative.
He expects to receive €950 in rent from his apartment and pay the same amount in rent for the house. He is a retired widower and in addition to the state pension he has a private pension which gives him about €250 per month.
Does anyone know if there are income tax implications for my father. In addition, what are the tax implications for the relative as the mortgage is 1100 monthly and the rent received monthly will only be €950.
(It may appear that this arrangement has no financial logic in it - but lookng out for family overrules financial issues).
He expects to receive €950 in rent from his apartment and pay the same amount in rent for the house. He is a retired widower and in addition to the state pension he has a private pension which gives him about €250 per month.
Does anyone know if there are income tax implications for my father. In addition, what are the tax implications for the relative as the mortgage is 1100 monthly and the rent received monthly will only be €950.
(It may appear that this arrangement has no financial logic in it - but lookng out for family overrules financial issues).