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Gifting a car or not

lurker2000 · 2021-09-09 20:15:58

An elderly woman who is declining in health has decided to stop driving her car. She wants to give it to her daughter to use for bringing her to the shops etc. The daughter is unsure what the tax implications of this is. Would she be better buying it at a reduced rate or paying tax for receiving a gift. The car is worth…

09-09-2021 8:15pm

#1

lurker2000

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Join Date: May 2014

Posts: 128

An elderly woman who is declining in health has decided to stop driving her car. She wants to give it to her daughter to use for bringing her to the shops etc. The daughter is unsure what the tax implications of this is. Would she be better buying it at a reduced rate or paying tax for receiving a gift. The car is worth about €13,000.

0

Comments

#2 09-09-2021 8:26pm

Victor

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If possible, keep it in the mother's name in the short term, to allow it depreciate further. Be careful of the insurance situation.
First €3,000 of gifts in a year are tax free. Parent to child has a lifetime exemption of €335,000.
https://www.revenue.ie/en/gains-gifts-and-inheritance/gift-and-inheritance-tax-cat/index.aspx

https://www.revenue.ie/en/gains-gifts-and-inheritance/cat-thresholds-rates-and-aggregation-rules/cat-groups-and-group-thresholds.aspx

3
#3 10-09-2021 6:00pm

lurker2000

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Thanks victor

1