Hi, it looks like myself and my partner will be splitting up and we bought house as "Joint tenants" legally but I put in 175k and she only put in 25k so she's now happy enough if I repay her the 25k and then she would move out and remove her name from deeds.
The big question here really is would there be any potential tax implications to this?
So if house is worth 200k and I'm paying her 25k for her legal share could Revenue be interested? Of course I have records to show it was my not her who paid 175k of it anyway if it coes to that. Im just checking a "gift tax" wouldnt apply or anything like that before we do it?
Thanks!
The big question here really is would there be any potential tax implications to this?
So if house is worth 200k and I'm paying her 25k for her legal share could Revenue be interested? Of course I have records to show it was my not her who paid 175k of it anyway if it coes to that. Im just checking a "gift tax" wouldnt apply or anything like that before we do it?
Thanks!