Gift from Parent of €40K Taxable?

[Edward33]

Hi,

I am currently purchasing a property. As part of this I am receiving a gift of €40,000 from my parent.

I understand that this is tax free up to €335K and therefore I will pay not tax on this cash gift received. Is my understanding correct?

My solicitor also stated the following "This is a legal document and as such, the person gifting the money should obtain independent legal advice before signing the Deed of Confirmation. As there would be a conflict of interest, we would not be in a position to give any advice in relation to the document to be signed. I enclose herewith the Deed of Confirmation and you might arrange for same to be executed, with the benefit of legal advice, and returned to me at your earliest convenience. If you would like for us to arrange an appointment for the person gifting the money to receive independent legal with a Solicitor here in the Village, please advise. The costs of the independent advice usually amount to €184.50, including VAT.".

Do you see why at all my parents would need to seek legal advice and incur a fee of €184.50? I believe this is not necessary as it is a simple non taxable transaction. Does anyone have advise on whether is worthwhile for my parents to get legal advise in order to send me this gift?

Any advice would be really appreciated and save me money!

 

[Protocol]

Yes, no CAT, as long as you have not already used up the 335k exemption.

In some cases, the mortgage lender insists that the parents get their own legal advice.

Your own sol is simply covering themselves.

 

[Boyd]

Funny not much changes in 15 years around here!!
Near identical threads here:

Deed of Confirmation

Hi, We are about to close for a house in the next week. We are getting a gift from my parents to cover part of purchase price. On the Conditions outlined by the Lender, it is advising that my parents must complete a Deed of confirmation(annexed to the deed of mortgage) to postpone any...

www.askaboutmoney.com

what is a deed of confirmation???

hi there, just a quick enquiry? A friend has gifted me a deposit for a home, on the letter of approval for the loan it says that a "deed of confirmation" is needed. Just curious as to what this is, as a letter has already been provided stating the deposit is a gift etc? thanks for your help :)

www.askaboutmoney.com

 

[Edward33]

Yes, no CAT, as long as you have not already used up the 335k exemption.

In some cases, the mortgage lender insists that the parents get their own legal advice.

Your own sol is simply covering themselves.

Thank you very much!! It is as I expected, I see no reason at all why they need legal advice separately. I do not see any difficult legal steps really here for them to receive advise on...

 

[Edward33]

Funny not much changes in 15 years around here!!
Near identical threads here:

Deed of Confirmation

Hi, We are about to close for a house in the next week. We are getting a gift from my parents to cover part of purchase price. On the Conditions outlined by the Lender, it is advising that my parents must complete a Deed of confirmation(annexed to the deed of mortgage) to postpone any...

www.askaboutmoney.com

what is a deed of confirmation???

hi there, just a quick enquiry? A friend has gifted me a deposit for a home, on the letter of approval for the loan it says that a "deed of confirmation" is needed. Just curious as to what this is, as a letter has already been provided stating the deposit is a gift etc? thanks for your help :)

www.askaboutmoney.com

Great, thanks really helpful just to confirm my gut feeling. I am less worried now on further legal advise. Apologies for creating yet another thread on the same topic!