Would this payment be tax deductible as an expense?Offer them a cash inducement.
Something like deposit on new place and first month's rent.
It's a disgrace that landlords' rights are so difficult to enforce. But in the scheme of things it'll be worth your while.
I don't think so.Would this payment be tax deductible as an expense?
I'd hope it would. It's analogous to an employer paying an ex-gratia redundancy sum to encourage an employee to leave.Would this payment be tax deductible as an expense?
Ask your tenant to register with choice lettings. a number of councils have this system set up which lists social as well as long term lease properties. They can apply for a property but they cannot refuse once they are offered the property. I do not know how many properties are on the system but could be worth them checking it out.I am meeting the tenant Friday . I have no intention on offering a lump sum at this point. The dispute process has been registered. Hopefully they will agree to move.
It's not a gift, it's a payment so should be treated as income, but of course it won't.Would the tenant be liable for gift tax if the payment is over € 3,000?
Why would you see this as income and not a gift?payment so should be treated as income
I can't see how it could be viewed as an allowable expense according to the Revenue guidelines.I'd hope it would. It's analogous to an employer paying an ex-gratia redundancy sum to encourage an employee to leave.
It could be three to six months.does anyone know how long it takes from submission of form to an adjudication?
I don't know - I'm just analysing it from first principles. But if it were structured as a refund of rent, or a waiving of unpaid rent, then I think it would surely pass muster?I can't see how it could be viewed as an allowable expense according to the Revenue guidelines.
Would the tenant be liable for gift tax if the payment is over € 3,000?
After Taxes?Johnny Cash
any kind of parting gift to a tenant will be done on the QT
It's a very fraught and difficult situation for both you and your tenant. It's quite understandable that they don't want to move out until they have somewhere to move in to.I am meeting the tenant Friday . I have no intention on offering a lump sum at this point. The dispute process has been registered. Hopefully they will agree to move.
I'm far from an expert in the area, but if someone is receiving a payment to perform an act or service (leave the property), then it can't be a no-strings-attached gift.Why would you see this as income and not a gift?
And then after you've got your property back inform revenue of the cash payment to the tenant!!any kind of parting gift to a tenant will be done on the QT
Giving a tenant money to leave is not a good idea. Your not going to get the tenant to sign a receipt? Your opening a can of worms. Revenue would not allow this as an expense.I'd hope it would. It's analogous to an employer paying an ex-gratia redundancy sum to encourage an employee to leave.
I would never volunteer information which makes me look like I offered someone a bribeAnd then after you've got your property back inform revenue of the cash payment to the tenant!!
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