Fair point.But forgiveness of the loan on death turns it into an inheritance
I'd basically 'write off' 3k a year? I include that in annual tax return?The €3k Small Gift Exemption can be useful to speed-up the write-down of the loan.
A bit long winded but if you want to give them this €50K then loan it to them with a repayment rate of €3K per calender year and in the same calender you gift them back the €3K. It would mean the loan value falls €3K per calender year and so does not effect any inheritance allowance you have. If the loan is to 2 people than you can do as €3K each.
interesting - grandparents also? I'd guess going out to Aunts and Uncles might be a push?you could do up to €12k. e.g. €50k loaned by Mum and Dad to Daughter and Son-in-Law.
interesting - grandparents also? I'd guess going out to Aunts and Uncles might be a push?
There you go folks you read it here first!I could gift you €3,000
If the annual €3k gift was also given to minor children of the loan recipients, and was used to reduce the loan capital , would this give rise to any further tax implications .
Gordon care too explain how they could gift up too 12k ?
Daddy gifts 3k each to child + spouse = 6k
Mammy dear does same = 6k
Total = 12k
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