I recently got planning on a site given to me by my father, i now need to get the land signed over to my name. am i right in thinking this will be tax free as this is my only gift from him? Im not married but obviously me and my girlfriend will be getting a joint mortgage. does that mean she could be viable for tax? any advice welcome.
I think so. The money was gifted to you, how (or even if) you divide it with your spouse is irrelevant. "Whats mine is your's and whats your's is mine" within a marriage, AFAIK....
Anybody come across this before or am i making things more complicated than necessary.
...
Hi Annon, This may be the case if the transaction is carried out in a reckless way. It can be carried out in such a way that she doesn't suffer a tax liability. I am an Associate of the Irish Taxation Institute so I have experience in this.I have a question that has come up from another thread
http://www.askaboutmoney.com//showthread.php?t=88454
It appears from the above thread that the OP's girlfriend may be liable to some CAT tax because she will be joint owner of the site/house (that was gifted to the OP from his father). This makes sense to me since she is gaining materially from the gift.
I was given a lump sum from my father (well below the exemption levels for father-child gift) which i lodged into our joint bank account. This money is earmarked for a house renovation that we will obviously both gain from (married and joint owners of house). Does this mean that she has some liability? Would I have some liability if my wife was given a gift from her parents?
I have looked at the revenue site and cant really see anything definitive. If we were taxed separately with separate bank accounts would that make a difference (too late now anyway!)
Anybody come across this before or am i making things more complicated than necessary.
Anon473
Hi Annon, This may be the case if the transaction is carried out in a reckless way. It can be carried out in such a way that she doesn't suffer a tax liability. I am an Associate of the Irish Taxation Institute so I have experience in this.
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?