I am getting conflicting information if some expert could please clarify I would appreciate it
Under the fair deal scheme if the family home is rented out and that rental income pays most of the nursing home fees - is that rental income subject to tax ?
If the family is eventually sold ( not currently possible as no EPA in place and resident has dementia) is that subject to CAT ie it is considered an investment asset /not the family home inherited by siblings ( when the threshold is €400K for each sibling). I was informed that CAT is applied to the difference between the valuation of the house at time of fair deal application and eventual actual sales proceeds of the house
Thank you
Under the fair deal scheme if the family home is rented out and that rental income pays most of the nursing home fees - is that rental income subject to tax ?
If the family is eventually sold ( not currently possible as no EPA in place and resident has dementia) is that subject to CAT ie it is considered an investment asset /not the family home inherited by siblings ( when the threshold is €400K for each sibling). I was informed that CAT is applied to the difference between the valuation of the house at time of fair deal application and eventual actual sales proceeds of the house
Thank you