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Declaring gifts

  • 14-04-2021 5:00pm
    #1
    OEP
    Registered Users, Registered Users 2 Posts: 1,186 ✭✭✭


    My brother wants to gift me money and he lives in another country. Does the gift need to be declared to revenue if it is under the threshold for CAT?


Comments

  • #2
    Effects
    Registered Users, Registered Users 2 Posts: 9,760 ✭✭✭Effects


    Depends how much he's planning to gift you.


  • #3
    OEP
    Registered Users, Registered Users 2 Posts: 1,186 ✭✭✭OEP


    Effects wrote: »
    Depends how much he's planning to gift you.

    Up to the threshold, so 32500


  • #4
    DmanDmythDledge
    Registered Users, Registered Users 2 Posts: 885 ✭✭✭DmanDmythDledge


    Yes have to do a CAT return as 80% of the threshold has been breached.

    Assuming no other gifts during the period, 3k of that would be under the small gift exemption, so only 29.500 of the threshold used and declared. If possible, might be worthwhile delaying 3k til next year to keep some of the threshold if you think it might be required in the future to avoid CAT


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