Rental income for house owned by children

Hi there. Im
Hoping someone can help or steer me in the right direction . We bought a house 50/50 with our children (our children were left money by their grandmother 33,500 each ) and we used this money to buy a house. They are 5/7/10 so obviously they are minors . This house is rented out . We don’t know what to
Do in relation to paying tax on this rental
Income …? I booked an appointment with a tax consultant last year but he didn’t actually know the answer to this either . Also. Do we have to keep the rental income for them or can we use it ?? Can anyone help with this question or be able to advise me on who I can contact to help me answer this ?

I would expect that you would need to register on behalf of each of the children on myAccount:
and do tax returns for their portions of the income?

The tax on the rental is the least of your worries. You can easily register with Revenue and pay the appropriate tax. Blowing your kids' future first time buyers' privileges sounds like a big and avoidable own goal. Get legal advice urgently.

ClubMan said:

I would expect that you would need to register on behalf of each of the children on myAccount:

Register for myAccount

Register for myAccount

www.revenue.ie

and do tax returns for their portions of the income?

Children and rights in Ireland

This document describes a child's rights in areas such as education, employment, travel, recreation, health and relationships.

www.citizensinformation.ie

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No, afaik a child can neither register for or pay income tax until they get to a certain age.

T McGibney said:

No, afaik a child can neither register for or pay income tax until they get to a certain age.

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How does that square with this?

Tax​

There is no minimum age at which you are liable to pay tax or the Universal Social Charge.

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ClubMan said:

How does that square with this?

Children and rights in Ireland

This document describes a child's rights in areas such as education, employment, travel, recreation, health and relationships.

www.citizensinformation.ie

Click to expand...

I don't know, you can look that up if you wish. But, if you go to Revenue trying to register a 10 year old for income tax, they won't oblige you.

Maybe this is relavant so?

CHAPTER 2

Settlements on children generally

Overview

This Chapter provides that income settled on a person who is a minor is, during the lifetimeof the settlor, to be treated as income of the settlor and not that of the minor. The provisions of the Chapter are not affected by those contained in section 792 concerning dispositions ofincome for short periods.

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