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gift of 10k...do I need to pay tax

  • 14-04-2016 8:20am
    #1
    flix1
    Registered Users, Registered Users 2 Posts: 117 ✭✭


    I have done my research on the inland revenue site, but as I am not knowledge on the area of taxation, I'd appreciate some opinions by those of you in the know. My mam wants to give each of us (there are 3 of us, adult kids) 10k each. We haven't received any other gifts, cash, property or cars etc from her. Are we eligible to pay tax on this gift and are we expected to make any returns to revenue. I have checked the Capital Aquisitions Taxation thresholds and it seems that any amount up to €280k is not taxable. Am I correct or missing anything here?
    Many thanks folks


Comments

  • #2
    NewApproach
    Registered Users, Registered Users 2 Posts: 2,191 ✭✭✭NewApproach


    Once you haven't received any gifts or inheritances from either of your parents before, no tax should be due.

    Your threshold will actually only be reduced by €7k (relevant for future gifts/inheritances from either of your parents) as the first €3k you receive should be covered by the annual small gift exemption.

    No returns are due to Revenue unless the cumulative gifts and inheritances from both of your parents exceeds 80% of the threshold, which doesn't seem to be the case.


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