I was with my partner for 15 years (not married) and we separated in Nov 2018. We have 3 children together. We bought a property in 2016 and both of our names are on the deeds.
I am currently living in the property with the children. He moved out in November. He has said that he will take his name off the deeds if I pay the remainder of the mortgage (approx €8500) and give him €15,000.
I saw a solicitor today and he advised that I may be liable for capital gains tax. He advised that if I pay my ex less than the value of 50% of the property, I will need to pay tax on the difference, as it will be seen as a gift to me from my ex. Is this the case?
We bought the house for approx €100,000 from my mother. We put €75,000 deposit and got a mortgage for €25,000.
Most, if not all, of the deposit was my money. I sold a property that was solely in my name and used that money together with some inheritance and redundancy money (both also mine) for the deposit. My ex is not disputing this. Would it be possible to get a reduction in the tax payable or be able to get an exception for this reason? As I don’t see that he is ‘gifting’ the property to me as it was my money that was used to purchase it originally.
I would not be able to afford the tax payment on top of buying him out of the property and I’m at a loss for what to do next.
I hope this makes sense.
I am currently living in the property with the children. He moved out in November. He has said that he will take his name off the deeds if I pay the remainder of the mortgage (approx €8500) and give him €15,000.
I saw a solicitor today and he advised that I may be liable for capital gains tax. He advised that if I pay my ex less than the value of 50% of the property, I will need to pay tax on the difference, as it will be seen as a gift to me from my ex. Is this the case?
We bought the house for approx €100,000 from my mother. We put €75,000 deposit and got a mortgage for €25,000.
Most, if not all, of the deposit was my money. I sold a property that was solely in my name and used that money together with some inheritance and redundancy money (both also mine) for the deposit. My ex is not disputing this. Would it be possible to get a reduction in the tax payable or be able to get an exception for this reason? As I don’t see that he is ‘gifting’ the property to me as it was my money that was used to purchase it originally.
I would not be able to afford the tax payment on top of buying him out of the property and I’m at a loss for what to do next.
I hope this makes sense.