CAT Return

bemak

Sorry for such a basic question - but my mother is gifting me inheritance so that I can pay for my Dads nursing home care. I'm paying for the care as I can claim tax back on same. She can't as she's retired. I assume I need to file a form IT38S so that any monies received (inheritance / gift) is calculated against my allowance of €335k? Or is a form IT38S only filed when the allowance is exceeded?

SureYWouldntYa

You only need to file once 80% of the threshold has been met, so if you're getting any amount under €268k you do not need to file

Dslatt

https://www.boards.ie/discussion/comment/120074457#Comment_120074457

On the button.

ahnowbrowncow

https://www.boards.ie/discussion/2058278467/cat-return

You only need to file it when it's above 80% of the threshold, so if she's giving you €100k you don't have file it. However it's based on gifts received from that group since 1991, so say she gave you €200k five years ago, and €100k today, then you've exceeded 80% of the threshold and would be required to file it.

bemak

super guys - that is spot on. Thought I might have to submit something to keep track of the remaining tax free balance.

thanks for your help!

Ronney

Don't forget your Mother and Father can each gift you €3000 every year tax free. This would be separate to the €355K allowance

bemak

https://www.boards.ie/discussion/comment/120074673#Comment_120074673

oh ya of course. Thanks. it all helps!