buying second property for investment purposes

I can cover the costs to revenue, if i couldn't I would sell and ive never had a problem with a tenant that wasn't easily resolved.

Its more about being comfortable at a later stage in life, being able to help my kids get a foot on the property ladder and eventually having an asset that is debt free.

Its about having options, I could sell one place once it clears the family home as well, or decide to keep it.

Its a long long term investment that might not yield anything until the later stages of life and im ok with that.

A lot of if’s buts and maybes in that. I understand what your saying but tbh im not worried about any of that.

What your suggesting is drastic, and very difficult to implement, I reckon the next interference by the gov will be to allow additional deductions in some form if tenants are given a multi year lease.

I am not a tax expert! But the below is an example of gifting.

The most obvious one, which still quite a few people don’t seem to avail of fully, is the Small Gift Exemption. If you are a couple, you can give up to €3,000 EACH, to anyone, every year, with zero tax issues for you or them! ANYONE! Sticking to the topic, a couple can gift up to €6,000 every year to each child. But importantly, they can also do so to each child-in-law, partner, grandchild, etc. Taking an example; you have say 3 kids and 3 sons/daughters-in-law, and 5 grandchildren. In that scenario, as a couple, you could potentially be gifting €66,000 per year to them in total. To really spell this out, over the course of the next 15 years, you could pass on just short of €1m totally tax free! If that sum were instead subjected to CAT of 33%, you’ve just saved an unnecessary €330,000 tax bill.

Do we need to formally notify Revenue of the gifting? Or is it declared if there's an investigation?

The €3k yearly gift exemption allows a gift of €3k be given with no tax liability. It has no bearing on the tax liability.

If the market rent is €15k for example. The child is receiving a gift of €12k. Now this can be deducted from the lifetime inheritance allowance of category A and pay no tax until the threshold limit is reached. If the child has a partner then they are category C for inheritance purposes.

The parent has no tax liability as they have not received any income.

It has been a while since I looked at this but I don't think the tax laws have changed although I will stand corrected.

Why would you post if you don't know how things work.

Mortgage interest is 100% allowable as an expense for a landlord on rental income on an investment property.

Could you not just take it as your main residence after tenants move out, register all utilities in your own name. Your wife keeps the other house as hers.

Daughter lives with you in your residence.

My understanding is a tax liability for a LL arises where they receive a rental payment. No rent no tax liability as in this case the parents would not be getting a rental payment.

The daughter has a tax liability for the rent. However she can offset his yearly gift allowance against it it's explained here

It also stipules where a child is u25 and in full-time education no liability arises

Am I correct saying that the 3k a year tax free gift doesn't go against the lifetime of what you can gift a child.?

So you can gift 3k a year and surpass the 335 k lifetime threshold.

Article looks interesting. Pity it's not accessible :(

You are correct.

My story was the same as yours, until it wasnt :)

well over decade charging low enough rent (I couldnt raise it anyway with the RPZ, but before RPZ it was my choice to charge a reasonable rent and leave it low for good tenants which i did.) Everything went well for over a decade. Suddenly one bad tenant changed everything. We decided when they left that we had been unlucky (They seemed so nice and had great references, jobs etc. Dream tenants actually - until they werent) so we decided not to sell at that point and rent again. Another dream tenant turned out to be 10 times worse than the first. After they went we decided to sell, but a colleague asked could they rent the apartment. They have left to go home to their own country now and we just decided after they left we were going to sell up so its ready to go on the market now next month and we are out.

Did the sums and we will get out with a decent profit at least. Going forward it would be impossible to make a profit and the risk far outweighs any potential to imporve the profit for what we would be at now when we sell. So we decided why take on the risk for so little reward, but also potential disaster? It was time to get out for us.

It remains to be seen if the RPZ locked rent will have an effect on the price we get. Its locked a fair bit below the market rate in the area.

Why would a buyer know what rent you were getting?