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Transfer of Funds to Parents Bank Account

ZeroThreat · 2023-05-04 11:28:19

Just a general query regarding sending money to the bank account of a parent to cover things such as home insulation, new boiler, windows etc. If an adult child lives with parent, does this fall under taxation of gifts?

04-05-2023 11:28am

#1

ZeroThreat

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Just a general query regarding sending money to the bank account of a parent to cover things such as home insulation, new boiler, windows etc.

If an adult child lives with parent, does this fall under taxation of gifts?

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#2 04-05-2023 7:20pm

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Gift €3,000 to your parent and avail of the small gift exemption, no tax owed. If your spouse or sibling does the same there is no tax owed on that €3,000 either. If both parents are there you can gift them each €3,000 and still no tax liability. This is an annual exemption, so you can do the same €3,000s again next year.

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