Wouldn't the market rent need to be discounted for the fact that it isn't a standard tenancy and the owner wants to retain a right to occupy a right to occupy the property as it suits them?I am not an tax expert. This is only an opinion from the internet.
This seems like a 600 euro per month / 7200 euro per year gift to the renting sibling and should be liable for gift tax.
To rent a room the property must be your sole and main residence. In this case the owner lives overseas.
Did anyone suggest such? Read again.but how can it be ones PPR if they live overseas?
Say one sibling owns and investment property in Ireland, but their permanent residence is Overseas.
They rent the Irish property to another sibling for a sum below the market rate, what are the implications for both in relation to tax or CGT.
The market rate is €1200 a month, but they want to rent it to the other sibling for €600 a month, because they don't want strangers in it and they may come and holiday themselves in the house for several weeks/months per year so don't want to tie themselves to a tenancy agreement.
Rent it for €600 now and you will be stuck renting it for €600 + 4% a year forever. No matter who you rent it to after that.
I have been stung by these new rules with a property rented at 50% of the current market rate and now i am stuck. I just found out that no good deed goes unpunished. It hurts.
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