Charlie 2020
Registered User
- Messages
- 1
Hi
First time poster, I am aged 41 and my wife is 44 and we have 2 kids.
We are thinking of moving in with my wife’s parents and renting out our house. We had been looking to move house as we want more space but my wife’s parents are getting into their 70s and we would not leave either of them on their own if something was to happen to either of them. My wife is an only child so she would inherit their house which is valued at approx €400,000.
Our house is valued at €290,000 and we have €205,000 existing on our Mortgage. We pay €1,200 per month on mortgage and we think we can get €1,800 - €2,200 per month for renting house.
We would need to extend and refurbish my parents in law’s house so we could all live together. We would not be transferring deeds of house into my wife’s name so I am thinking of getting CU loans over the next 10 years to get the work done on their house. We have about €20,000 in savings and no pensions. We would hope to rent our existing house and keep as a property investment for our own pension.
My parents in law are both on state pensions with no other income.
Can you advise on tax implications for both myself and wife and also our parents in law for moving in with them and renting our house?
First time poster, I am aged 41 and my wife is 44 and we have 2 kids.
We are thinking of moving in with my wife’s parents and renting out our house. We had been looking to move house as we want more space but my wife’s parents are getting into their 70s and we would not leave either of them on their own if something was to happen to either of them. My wife is an only child so she would inherit their house which is valued at approx €400,000.
Our house is valued at €290,000 and we have €205,000 existing on our Mortgage. We pay €1,200 per month on mortgage and we think we can get €1,800 - €2,200 per month for renting house.
We would need to extend and refurbish my parents in law’s house so we could all live together. We would not be transferring deeds of house into my wife’s name so I am thinking of getting CU loans over the next 10 years to get the work done on their house. We have about €20,000 in savings and no pensions. We would hope to rent our existing house and keep as a property investment for our own pension.
My parents in law are both on state pensions with no other income.
Can you advise on tax implications for both myself and wife and also our parents in law for moving in with them and renting our house?