Hi all,
I'm trying to get some of my affairs in order (hence the flurry of posts from me) and I would like to discuss the idea of granting an interest in my rental property in Ireland to my wife. I have two houses in Dublin and a half share some light industrial units also in Dublin. All of these belonged to me before we married. We are both resident and tax resident in Germany. One of the houses has a small mortgage of ca 15k outstanding. Due to be cleared in December 2024. Maybe the bank would be a problem here?
It would mostly be so that we could get to use our married tax credit rather than just my single tax credit. That's worth 1700 cash money in our pockets every year I guess.
Is there any downside or obstacles to the plan? Does it even make any sense or is it complete nonsense?
What about the costs? I presume this needs to be done by a solicitor and lodged with the land registry or something? How exactly does it work in Ireland?
For reference and in case it makes any difference, rents from almost all EU states are not taxed in Germany and do not need to be declared on the tax return.
I'm trying to get some of my affairs in order (hence the flurry of posts from me) and I would like to discuss the idea of granting an interest in my rental property in Ireland to my wife. I have two houses in Dublin and a half share some light industrial units also in Dublin. All of these belonged to me before we married. We are both resident and tax resident in Germany. One of the houses has a small mortgage of ca 15k outstanding. Due to be cleared in December 2024. Maybe the bank would be a problem here?
It would mostly be so that we could get to use our married tax credit rather than just my single tax credit. That's worth 1700 cash money in our pockets every year I guess.
Is there any downside or obstacles to the plan? Does it even make any sense or is it complete nonsense?
What about the costs? I presume this needs to be done by a solicitor and lodged with the land registry or something? How exactly does it work in Ireland?
For reference and in case it makes any difference, rents from almost all EU states are not taxed in Germany and do not need to be declared on the tax return.