Tax concerns when receiving an international transfer?

[Tyraziell]

Hi,

I'm about to receive a gift from my parents, in the form of a money transfer from their bank in Turkey to my Irish PTSB current account.

1) Is this money liable for a tax? (it's only 1500$)

2) Is there a certain threshold where it becomes liable for tax if it's bigger than that amount? (let's say 50,000$ as an example)

Is there anything else I should know regarding reporting and taxation on an incoming international bank transfers? or Paypal?

Thanks!

 

[Gordon Gekko]

There are zero tax issues. Anyone can gift anyone €3,000 a year tax free.

 

[Tyraziell]

There are zero tax issues. Anyone can gift anyone €3,000 a year tax free.

Thanks, so anything exceeding 3,000 a year from my parents is subject to tax, right?

What about receiving donations/random payments from different people coming into bank account through Paypal?

 

[Ravima]

why would 'random people' give you donations or gifts?

 

[Tyraziell]

why would 'random people' give you donations or gifts?

Donations on Patreon and Twitch. Selling an item on ebay or through an online shop.

 

[Protocol]

Thanks, so anything exceeding 3,000 a year from my parents is subject to tax, right?

No.

You can receive up to 310 k approx from your parents, but that is a lifetime limit.