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'Gifted deposits' for mortgages

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  • 23-02-2009 6:23pm
    #1
    lazyg
    Registered Users Posts: 11 ✭


    Does anyone know what the maximum amount of a deposit can be gifted bafore being taxed?

    Also, if the deposit is being gifted to a couple, is there a double pre-tax allowance?

    Thanks!


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    #2
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,285 Mod ✭✭✭✭The_Conductor


    It depends entirely on your relationship to the person gifting you the money.

    CGT rules allow a tax free gift under a number of 'group tresholds'

    For example- a child can inherit from a parent (or vice versa) tax free EUR440k
    This is known as a Group A relationship.

    A grandchild, brother/sister, or uncle/aunt can inherit up to EUR44,280 tax free
    This is known as a Group B relationship.

    Anyone else is treated as a stranger in the eyes of the revenue commissioners and can inherit up to EUR22,060 tax free. This is known as a Group C relationship.

    In the case of a gift to a couple- it can be presumed that the parties have 1*Group A and 1*Group C relationships to the disponer. In the above example it would infer a gift of 440,000 + 22,060 could be received before CGT became payable.

    You should confirm the exact thresholds etc with the revenue commissioners or your accountant.

    Hope this helps,

    Shane


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