gift tax???

doniemaca

How much money can i give my sons without either me or them paying tax on the sum.if it is a small amount is there a time period in which i could give them multiple amounts each occasion the time period is up??

Pat Mustard

Not allowed to answer your question but check CAT thresholds for 2014 on revenue.ie.

Make sure that you check the correct threshold for a parent giving a gift to a son/daughter.

Johnboy1951

Is it not true that there is a small amount below which a gift is not required to be reported?
The amount is specified per year and per donor ..... IF I recall correctly.

Whereas greater amounts are cumulative up to the specified level, determined by the relationship of the parties?

As the previous post indicated no amounts should be posted, I refrained from doing so, and only posted to point out there are two aspects that might be considered.

doniemaca

Looking at the cat thresholds and under group A which is a son / daughter relationship to the person giving the amount.it just seems a large amount of tax free money to change hands if i am reading it correctly.is there a reason why we cannot disclose actual amounts here ??

CIARAN_BOYLE

http://www.revenue.ie/en/tax/cat/leaflets/cat1.html

Its generally better to think about the €3,000 a year unless you urgently want to give more now. Gifts and inheritances are cumultive for CAT

hfallada

If its a large sum get a tax advisor. There some loopholes he can advise you on that are totally legal