Winter glow
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Hi, my mum wants to transfer €25,000 to me as a gift. Will that be exempt from tax? I have read the CAT document but I'm still not clear. Thanks so much for any help you can provide.
Tax implications for gift of 25K
- Thread starter Winter glow
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You can receive a gift of € 3,000 from a person in a year tax-free
So your mother can give you € 3,000 tax-free
The balance of € 22,000 may be taxable
You can receive € 335,000 from your parents tax free through-out your lifetime from Dec 2001 to whenever you die
So the tax on balance of € 22,000 will depend on whether you have received previous gifts or inheritances from your parents since Dec 2001
As you have not specified this, it is not possible to say whether the € 22,000 is taxable or not
So your mother can give you € 3,000 tax-free
The balance of € 22,000 may be taxable
You can receive € 335,000 from your parents tax free through-out your lifetime from Dec 2001 to whenever you die
So the tax on balance of € 22,000 will depend on whether you have received previous gifts or inheritances from your parents since Dec 2001
As you have not specified this, it is not possible to say whether the € 22,000 is taxable or not
Your mother can give you €3,000 tax free
Your father can give you €3,000 tax free
Your mother can give your spouse/partner €3,000 tax free
Your father can give your spouse/partner €3,000 tax free
Your M and F can give each of your children €3,000 tax free
The above can be repeated tax free each calendar year.
You can use all of the above that may be applicable to you.
Your father can give you €3,000 tax free
Your mother can give your spouse/partner €3,000 tax free
Your father can give your spouse/partner €3,000 tax free
Your M and F can give each of your children €3,000 tax free
The above can be repeated tax free each calendar year.
You can use all of the above that may be applicable to you.
Winter glow
Registered User
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Thank you both so much.
Great breakdown, thanks cremeegg. We're gifting about 18k to our parents soon and were wondering what to do. One question for you, myself and my wife will transfer 3k each to each off my parents but then to they need to do anything in relation to revenue? Or do they just fill it in when doing their end of year tax return?
Thanks
