Moving to the US

[alyn]

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

 

[ClubMan]

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

Have you asked her?!

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

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.

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.

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?

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.

 

[alyn]

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