3 siblings inherit property, nominal rent to cover maintenance? Options, pitfalls

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galwaymom

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Hi

3 siblings inherited family hone following parents death.

Don't wish to sell, but will he used by grandchildren in coming years at college or working.

Thinking of charging a nominal monthly sum to allow a sinking fund for repairs etc - how would this work?

3 owners - could payment go into one account?
Is there tax liability to all
Would Rent a room scheme apply - or is that only in primary residence .

Any guidance/ advice appreciated
 
They would be equal partners so if the rental profit after expenses was €3,000 a year, each would have to show €1,000 on their tax return.

But a jointly owned property to be shared by cousins sounds like a source of real strife. One family might get more use out of it. Who gets the best bedroom? Can they have friends there?

You will need a very detailed agreement in advance.

Brendan
 
galwaymom said:
Don't wish to sell, but will he used by grandchildren in coming years at college or working.
Click to expand...

This has huge potential for multi-generational rows over everything from finances to dirty dishes left in the sink.

Sell up. Grandchildren would be far more grateful of the cash.
 
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