gongey said:My queries is whether to get a loan right away on the 40K, keeping 16K in savings or whether to get a loan of 24K and have no savings in case i ever do go to buy an apartment.
gongey said:or would it be better to get a mortgage, and try and draw on the equity to pay the parents back?
gongey said:my initial plan was to get the house first and then remortgage to pay them back. that may still be the plan, if I could get advice on this I'd be grateful?
my plan is to have an extra 7,000 saved and i've actually had a steady stream of savings for the past three months.
i'm asking the best way forward? my parents are cool, but I'd like them paid back soon. they're not demanding in any way,
Theo said:Not sure about the tax implications though.
The first €3,000 of the taxable value of a taxable gift made by you to any donee in a calendar year is exempt from tax. A recipient can get a small gift exemption for each donor. A donor can have a small gift exemption for each donee.
Example
A child can take €3,000 from each of four grandparents and from each parent (€12,000 in total) per year without any gift tax charge.
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