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gift tax

  • 25-08-2016 11:25am
    #1
    john1963
    Closed Accounts Posts: 271 ✭✭


    I understand that I can give 3000 a year to my children without incurring any tax liability. Can my wife do the same ie we give them 6000 a year between us.
    thanks in advance


Comments

  • #2
    sword1
    Closed Accounts Posts: 1,991 ✭✭✭sword1


    john1963 wrote: »
    I understand that I can give 3000 a year to my children without incurring any tax liability. Can my wife do the same ie we give them 6000 a year between us.
    thanks in advance

    No ,i think the limit is on what they receive from a person in a category, so they would be receiving 6k from parents.


  • #3
    Mr. Incognito
    Registered Users, Registered Users 2 Posts: 9,798 ✭✭✭Mr. Incognito


    yes you can.

    You can each gift 3K per person to anyone.

    If you have three kids you can each give them 3K each so you can pass 18K free of tax to your kids.

    (3K+3K+3k) for you and the same for you wife

    the poster above is confusing the gift tax exmption with the class A threshold.


  • #4
    The_Pretender
    Registered Users, Registered Users 2 Posts: 594 ✭✭✭The_Pretender


    Yes there's nothing stopping you and your wife both gifting €3k each to each individual child each year tax free. Grandparents, aunts, uncles could all do the same.


  • #5
    sword1
    Closed Accounts Posts: 1,991 ✭✭✭sword1


    Mr. Incognito wrote: »
    yes you can.

    You can each gift 3K per person to anyone.

    If you have three kids you can each give them 3K each so you can pass 18K free of tax to your kids.

    (3K+3K+3k) for you and the same for you wife

    the poster above is confusing the gift tax exmption with the class A threshold.

    Did research and came back to say i was confusing the two,if they are married you could also gift their spouse so you could give 12k a year


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