Moving to the US

I am moving to the States in June to get married. I have a house here worth about 500,000.
My daughter of 22 is staying in Ireland and will continue to live in the house and my 15 year old is coming with me. I have a few concerns about this. Will she maintain it? Will the house lose value if it is not taken care of.

I am not sure what to do whether to sell it and buy a cheaper house and rent it to her and a couple of her friends. At least that way I would have an income from it and she would have a place to stay. What tax would I be liable for on a rented property if I am not living here.

Would I have to pay capital gains tax if I sold the property?

I also would like the comfort of knowing that I would have a property here if things didn't work out in the States.

Any advice would be helpful.

Thanks
Anne

alyn said:

I have a few concerns about this. Will she maintain it?

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Have you asked her?!

Will the house lose value if it is not taken care of.

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If natural capital appreciation (if any) does not outstrip the fall in value due to neglect then yes - of course.

I am not sure what to do whether to sell it and buy a cheaper house and rent it to her and a couple of her friends.

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She's 22 - is it not time that she stood on her own two feet? Does she not want to do this of her own accord?

At least that way I would have an income from it and she would have a place to stay. What tax would I be liable for on a rented property if I am not living here.

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See the Property Investment forum FAQ and key posts which summarise the tax implications including those applicable to a non resident landlord.

Would I have to pay capital gains tax if I sold the property?

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If you don't dispose of the property within a year of vacating it as your PPR (Principal Private Residence) then some portion of any eventual resale gain will be assessable for CGT.

I'm not sure if/how the continued occupation by your daughter as her PPR even after you move out/away. You may need professional advice with this and the cross jurisdictional tax issues.

Thank you, I will look at the other posts regarding tax implications.
A