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PDtax, CPA firm owner
Category: Capital Gains and Losses
Satisfied Customers: 4517
Experience:  Tax professional and business consultant for 34 years
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We are looking into possibility of buying a house in

Customer Question

We are looking into possibility of buying a house in Ireland. My girlfriend has savings 100k and I have 75k. Her parents will also gift 190k directly to her which she will also put towards to deposit. This is within her gift threshold so not tax liability for her unless gift or inheritance exceeds 280k. We will be looking at mortgage approx 300k of which I will be paying two thirds as have higher income so effectively mortgage is front loaded by girlfriend and backloaded by me. Is there any tax liability for me given my girlfriend is using monies gifted to her by her parents for purposes of deposit for house we will own 50% each according to the mortgage?
Submitted: 1 year ago.
Category: Capital Gains and Losses
Expert:  PDtax replied 1 year ago.

Hi from just answer. I'm PDtax. I'll assist.

Expert:  PDtax replied 1 year ago.

There is no US tax liability to you for your interest in the Irish purchase you plan. Especially since you will both be on title.

The 50-50 ownership includes debt. You might pay more of the debt service, but it is joint debt. There no gain to you until it is sold, and the value returned.

Thanks for asking at just answer. Positive feedback is appreciated to rate my assistance. I'm PDtax.