T Tyraziell Registered User Messages 3 28 Aug 2017 #1 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!
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!
G Gordon Gekko Registered User Messages 7,379 28 Aug 2017 #2 There are zero tax issues. Anyone can gift anyone €3,000 a year tax free.
T Tyraziell Registered User Messages 3 29 Aug 2017 #3 Gordon Gekko said: There are zero tax issues. Anyone can gift anyone €3,000 a year tax free. Click to expand... 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?
Gordon Gekko said: There are zero tax issues. Anyone can gift anyone €3,000 a year tax free. Click to expand... 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?
R Ravima Registered User Messages 2,811 3 Sep 2017 #4 why would 'random people' give you donations or gifts?
T Tyraziell Registered User Messages 3 3 Sep 2017 #5 Ravima said: why would 'random people' give you donations or gifts? Click to expand... Donations on Patreon and Twitch. Selling an item on ebay or through an online shop.
Ravima said: why would 'random people' give you donations or gifts? Click to expand... Donations on Patreon and Twitch. Selling an item on ebay or through an online shop.
P Protocol Registered User Messages 4,304 3 Sep 2017 #6 Tyraziell said: Thanks, so anything exceeding 3,000 a year from my parents is subject to tax, right? Click to expand... No. You can receive up to 310 k approx from your parents, but that is a lifetime limit.
Tyraziell said: Thanks, so anything exceeding 3,000 a year from my parents is subject to tax, right? Click to expand... No. You can receive up to 310 k approx from your parents, but that is a lifetime limit.