Looking for advice on inheritance and family loans…
I am in the really fortunate position where my parents have offered to loan me money to buy a house but I am trying to navigate the correct way to proceed with this in the eyes of Revenue.
Not taking onto account the inheritance threshold of €400k and the €6k per parent allowance per year, how is interest applied to a loan? I read it should be set to the best deposit rate but does this imply the on personal ‘demand deposit rate’ (0.25%) or do we need to look at the 6 month/1 year/2 year rate (1.5-2.75%).
What are the advantages or disadvantages on taking a loan of up to €335k? Any figure over this the beneficiary needs to report the loan to Revenue but to what purpose does it serve?
Any advice would be really appreciated…
I am in the really fortunate position where my parents have offered to loan me money to buy a house but I am trying to navigate the correct way to proceed with this in the eyes of Revenue.
Not taking onto account the inheritance threshold of €400k and the €6k per parent allowance per year, how is interest applied to a loan? I read it should be set to the best deposit rate but does this imply the on personal ‘demand deposit rate’ (0.25%) or do we need to look at the 6 month/1 year/2 year rate (1.5-2.75%).
What are the advantages or disadvantages on taking a loan of up to €335k? Any figure over this the beneficiary needs to report the loan to Revenue but to what purpose does it serve?
Any advice would be really appreciated…