Скачать или смотреть Living Rent-Free With Family Can Trigger Tax

Living with a parent or grandparent is common, especially during college or early working life.

What most people do not realise is that rent-free accommodation is treated as a taxable gift under Irish tax rules.

Revenue assess the benefit by reference to the rental value of the property, even where no money changes hands.

For students, this often stays within the €40,000 lifetime gift threshold.

The problem usually arises where adults live rent-free for many years. In those cases, the lifetime gift and inheritance threshold can be quietly used up without anyone noticing.

This often only comes to light later, when the property is inherited and an unexpected tax bill appears.

Don’t get caught out by poor planning. For a consultation on gift and inheritance tax exposure, visit the link in my bio, or go to taxunwrapped.ie.  Don’t forget, we advise and implement.

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