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renting property out without paying stamp duty.

  • 06-12-2007 10:16pm
    #1
    Lola123
    Closed Accounts Posts: 582 ✭✭✭


    Mods...apologies if this is in the wrong forum, please move if needs be.

    My brother bought an apartment 2 and a half years ago. He is a first time buyer and was thus exempt from paying stamp duty. It is currently his principle private residence, however he has been offered the opportunity to go back to college and will not be able to pay the mortgage...unless he rents is out or sells it. As I understand you have to be living in a property for 5 years before you can rent it out without incurring the stamp duty costs. Does anyone know if there is any way around this as he doesn't want to sell the property and will be moving back in after the course is finished?

    Any advice greatly appreciated :)


Comments

  • #2
    the GALL
    Registered Users, Registered Users 2 Posts: 938 ✭✭✭the GALL


    He can rent out a room without paying tax up to ten grand a year I think as far as renting out the lot dont tell the tax man and hope he gets away with it or if he is caught and he sells he can off set the profit against the tax owed check out www.daft.ie they have it all explained


  • #3
    Victor
    Registered Users, Registered Users 2 Posts: 78,494 ✭✭✭✭Victor


    the GALL wrote: »
    He can rent out a room without paying tax up to ten grand a year I think as far as renting out the lot dont tell the tax man and hope he gets away with it or if he is caught and he sells he can off set the profit against the tax owed check out www.daft.ie they have it all explained
    Not only would that be illegal it would also be stupid.

    Under the Rent-a-Room scheme, you can earn eur7,620 per year tax free. You do have to declare it. See www.revenue.ie

    Didn't I hear in the budget that the 5 years has been changed to 2 years? He will need to check the details. http://www.budget.gov.ie/

    I imagine that the banks allow some sort of payment holiday for things like this. Check with you advisors.


  • #4
    Lola123
    Closed Accounts Posts: 582 ✭✭✭Lola123


    Thanks for the advice gall, but scamming the tax man isn't a route my brother want's to take!

    Looks like he won't have to anyway...just looked at the budget link. Cheers for that Victor! Greatly appreciated!


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