LocationStation
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Looking to confirm if my thinking is correct here.
We are in the fortunate position that my Father is going to gift my wife & I €20k for a house deposit.
We do not want to structure as a loan so that is off the table for various reasons. It is a gift.
I am thinking the best way to view this from a tax perspective is as follows:
- €9k being 3x small gift exemptions (€3k me, €3k wife, €3k our child)
- €11k being a gift to my wife (below €16,250 threshold C limit).
This would mean my cat A threshold is not impacted and no CAT due now or at time of future inheritence.
1) Is my thinking correct or am I getting this wrong? Want to ensure this is all above board.
2) If the €20k is paid into our joint bank account in one payment, do we need to document the above via letter or something for future refernence with Revenue?
Appreciate any input.
We are in the fortunate position that my Father is going to gift my wife & I €20k for a house deposit.
We do not want to structure as a loan so that is off the table for various reasons. It is a gift.
I am thinking the best way to view this from a tax perspective is as follows:
- €9k being 3x small gift exemptions (€3k me, €3k wife, €3k our child)
- €11k being a gift to my wife (below €16,250 threshold C limit).
This would mean my cat A threshold is not impacted and no CAT due now or at time of future inheritence.
1) Is my thinking correct or am I getting this wrong? Want to ensure this is all above board.
2) If the €20k is paid into our joint bank account in one payment, do we need to document the above via letter or something for future refernence with Revenue?
Appreciate any input.