does my spouse pay gift tax?

[Linenbasket]

Hi all,

If one of my parents gifts me 224,000 euro (just below the threshold of 225,000 to pay gift tax), does my spouse end up paying any tax?

The money would be used towards the buying of a house.

Any thoughts?

Thanks

LB

 

[mercman]

If one of my parents gifts me 224,000 euro

AFAIK, as long as you only are the recipient of the money and there are no other previous gifts, your spouse has no Tax to pay

 

[Linenbasket]

Really? That would be excellent news for us. Many thanks for the reply

 

[Joe_90]

So you use the funds to purchase a house and put it in joint names because the bank will not give you a mortgage otherwise. Well if the bank make you do it then you should be ok.

You need to be aware of the gift splitting legislation http://www.revenue.ie/en/tax/cat/guide/gift-splitting.html