Rental income for nonworking spouse

[richardmcmahon6]

Hi. I'm wondering if my spouse can use all the rental income from a property that both our names are on, for prsi purposes? Or, does it have to be split evenly - I'm conscious of the 5k requirement to get 52 weeks stamps for her.
Thanks

 

[dublin67]

The property will need to be transferred into your spouse's sole name if you want her to get all the rental income for tax purposes. This is easy enough if there is no mortgage and there is no stamp duty. Small amount of legal fees. Different if a mortgage as bank will have to agree.

 

[presidenttttt]

I dont believe house needs to be in her name only.

 

[torblednam]

I dont believe house needs to be in her name only.

What DO you believe is required?

 

[Dr Strangelove]

There are old threads on this if you search.

The expert view seems to be that you can allocate rental income however you like within a married couple.

 

[dublin67]

I wouldn't agree that rental income can be allocated as required between a married couple. This, in my view, would require a specfic tax provision enabling such a transfer. There is also the anti-avoidance provision and, from memory, this is section 807A.

 

[Dr Strangelove]

This, in my view, would require a specfic tax provision enabling such a transfer.

Not every eventuality and situation is or even can be covered explicitly in legislation and Revenue guidance.

 

[T McGibney]

All is fair in love and war until Revenue start asking questions, open an aspect query, and "invite" the taxpayer to explain the rationale behind the allocation of income.

In such a scenario, the taxpayer usually buckles.