Tax on rental income if house in both names

[trident]

Hi, My wife will be inheriting a small house from her parents, and we will rent out the house. In that case, the income will be in my wife's name, which is fine and the best situation with regard to paying tax (as I am the main earner). If her parents leave the house to both of us in the will, does that mean that any rental income will be in both our names? And in this case, as I am the main earner, would be pay more tax on any rental income?
Thanks in avdance for any advice.
Regards
T

 

[luckystar]

Really won’t make any difference as I imagine you are jointly assessed for taxation (as in you have extra tax credits as a married person)

 

[Paul O Mahoney]

Really won’t make any difference as I imagine you are jointly assessed for taxation (as in you have extra tax credits as a married person)

Even if they are jointly assessed there is about 26k that would be taxed at 20% if the property was in the wifes name obviously USC and Prsi would be additional deductions. I'm assuming that the wife hasn't other income.

If the property was willed in joint names I wonder if the half could be signed over to the wife making it 100% owned by her.
I don't know what legal complexities are involved in this , just a thought.

 

[T McGibney]

Is there any reason why she can't transfer a half share to you after she inherits it?

Note that if you're the main earner, it may be more tax- & PRSI-advantageous to have her receive the full rental income.