sunnysides111
New Member
- Messages
- 2
Yes, you can do that. You should have it documented formally.Is their any downside to getting a loan from your parents outside of the inheritance threshold of €335000. If you get a loan of 60,000, can this be done informally or should it be written up by a solicitor? How would it work, could 6k be written off the loan every year for 10 years and it would just mean you are getting the money now rather than down the road which is obviously better?
Unless you can afford to lose your crypto balance, I would move it out into a safer savings vehicle today, especially if you'll need it in the near future to help fund the house purchase, legal cost, furnishing etc. Otherwise, you're just gambling inheritance.Personal details
Age: 31
Spouse’s/Partner's age: 26
No children
Income and expenditure
Annual gross income from employment or profession: 50000
Annual gross income of spouse: 50000
Type of employment: e.g. self-employed
In general are you:
(a) spending more than you earn, or
(b) saving? SAVING
Summary of Assets and Liabilities
All my savings are in Cryptocurrency. €100 in cash savings. I know this is not ideal but I will hopefully liquidate a lot of this hopefully in the future.
Pension: 15k
What specific question do you have or what issues are of concern to you?
I am looking to purchase a house in the near future. I will be looking to purchase the house with my partner and we will likely purchase in cash.
My parents are prepared to give me an early inheritance of €335000 to help in this purchase. They can also give me more as a loan that can be repaid using the 6k gift allowance over the next few years. This seems useful as it means just getting the 6k per year early rather than later seems handy and then the loan can just be written off in the future years by 6k per year until its gone. Is this as simple as just simply writing on a piece of paper loan of X amount and having both myself and my parents to sign it and then they transfer X amount to my bank and that's it?
My parents also have a rental property and I live on the family home, they want to explore the idea of potentially transferring the ownership of the family house to my name to avoid a large CAT bill in the future, but I am not aware if this is possible?
I do not have any living siblings so my parents would like to explore ways of reducing the tax bill upon their eventual passing in hopefully a long time.
I will likely go ahead and purchase a house unless there is some extremely tax advantaged way for the primary residence to be transferred into my name in which case I might alter my plans.
Thanks in advance to any responses and advice.
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