2 Sisters buy a house as PPR between them in 2002
One sister works abroad on a month on - month off basis so solicitor advises (wrongly in hindsight) that Sister A buy the house in her name and claim the mortgage interest relief as Sister B is Non Resident.
B pays A half the mortgage into her bank account for the next six years.
Now they decide to sell the house.
A is concerned that mortgage payments from her sister could be seen as rent because her Sister is not named on the title deeds.
Because B is not on the deeds A's tax advisor says get solicitor to do up a declaration of trust to the effect that A is legal owner but B is beneficial owner of 50%. To A's shock and dismay B now says she is not sure if her non resident tax status will stand up to scrutiny as she never made a declaration to Revenue that she was becoming non resident for tax and has not kept records of days in and out of Ireland going back over the last 6 years so is not sure if she could prove 183 day rule.
Any feedback would be greatly appreciated.
One sister works abroad on a month on - month off basis so solicitor advises (wrongly in hindsight) that Sister A buy the house in her name and claim the mortgage interest relief as Sister B is Non Resident.
B pays A half the mortgage into her bank account for the next six years.
Now they decide to sell the house.
A is concerned that mortgage payments from her sister could be seen as rent because her Sister is not named on the title deeds.
Because B is not on the deeds A's tax advisor says get solicitor to do up a declaration of trust to the effect that A is legal owner but B is beneficial owner of 50%. To A's shock and dismay B now says she is not sure if her non resident tax status will stand up to scrutiny as she never made a declaration to Revenue that she was becoming non resident for tax and has not kept records of days in and out of Ireland going back over the last 6 years so is not sure if she could prove 183 day rule.
Any feedback would be greatly appreciated.