Parent wants to help daughter buy house

Hi,

My mother has offered to give me €20,000 to help me buy a house. I do have my deposit but I am €20,000 short for a particular house that I would really like to buy.

I have agreed to take the money on the understanding that it would be taken out of my inherritance to be fair to the rest of the family.

I have been told that if my mother gives me money for a house she will have to pay tax. Is that correct or does anyone have any information about this please.

Thanks
Delphi

Assuming the daughter has not received any prior gifts or inheritances since 1991 then a gift of 20,000 is not taxable. Neither will the mother have to pay tax.

Hi Delphi,

I done exactly that for my son a couple of years ago and had no tax to pay. Todays tax system may be different, I dont know.
The only thing I did have to do was sign a letter for the mortgage people to say I would not claim an interest in the property in the future.

Hi Delphie
My parents done this for my sister and it was the same as Shelly61, they just had to sign a letter saying they had no interest in the property.

Hi everyone,

Thanks for the help. Much appreciated.

Delphi