We probably should have got advice before all of the above but the question now I realise that there might be tax implications for me in living rent-free. Also when my mother puts the property into my name, will inflation in the house price be an issue. Lastly, in paying my mum for the balance of the house price, are there tax implications for her?This is a story that is both challenging a heartwarming.
There are several factors at play her, all related to her delay in transferring the property into your name. You will both need your own independent legal advice in the execution of that deed. This is to ensure clarity that your mother is aware of what she is doing and is doing so under her own free will and not under duress or undue pressure to had the property over to you. The cost should not be significant in the circumstances here.
I understand there is a legal obligation on your mother to file a return when she transfers a property and telling fibs on a return is never a good idea. Living rent free, as you are since March, is effectively a financial gift from her and the extent of this gift is the market rent of the property. However, fear not. First up, she is entitled to give you up to €3,000 tax free any year under the small gift exemption. The rest can be set against your lifetime gift/inheritance tax limit.
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