cash buyer will I have to explain were money came from

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rion

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Hi I am in need of your advice again, thanks guys in advance I am lookin to buy a house have asked for advice about a site before but since seeing the value to be got from buying we have now changed our mind and are looking into buying a house with cash.

My question is will I have to explain were ever euro came from when the house is registered into my name. I am getting 15000 from my mum, 15000 from my brother and have 10000 loan from credit union and the other 30000 is coming from a claim I received were I got a bad burning.

Will there be tax implications for me at a later date. tks guys
 
I'm not a solicitor but as far as I know solicitors have to enquire as to the source of funds and satisfy Anti-Money-Laundering legislation. But your sources all sound perfectly legitimate so you've nothing to fear there.

At present you can receive a gift of up to €33,500 from your brother and €250,000 from your mother without any Gift Tax liabilities. But you've just reduced your allowances by taking these gifts. So the €15,000 you're receiving from each of them would be counted in calculating possible taxation of any future gifts or inheritances from them.
 
as LDFerguson says there is no tax implication.


If applying for a mortgage, my experience with Bank of Ireland this year is, you will need to provide details of where your own money is coming from. Your brother and mother will have to give letters saying it is a non-repayable gift and that they do not want any ownership of the home.

The solicitor may look for this information in the case of a cash sale...
 
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