casperjack
Registered User
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Hi I am due to file a tax return for a gift I got from my uncle.
My uncle gave me €3,000 in July and then another €9,500 in September, so a total of €12,500.
I am looking at trying to do the return myself for my uncles gift, but have some questions.
I also received an inheritance this year from the same group b threshold of €28,888 but the solicitor done the return for that one earlier this year.
In relation to my uncles gift looking on line I think I have to do two returns. The first one up to 31st August this year and then one from 1 Sept onwards.
Can I claim the €3000 small gift exemption and do I put that off the first €3,000? So on first return I would not owe tax, but still have to do a return.
Then on the return from 1Sept would the below make sense
32,500 - 28,888 = 3612
9,500-3612=5,888 (or do I put the full 12,500 figure here even though I claimed the 3,000 gift exemption)
5,888 x 33% = €1,943.04 tax due
Does the above calculations look right?
Can I file the hard copy form of IT38S for these as it looks less complicated than the online version. Or would I be better looking to see if I can get an accountant to do this for me. How much would an accountant charge for this would anyone know?
Hope the above makes sense.
My uncle gave me €3,000 in July and then another €9,500 in September, so a total of €12,500.
I am looking at trying to do the return myself for my uncles gift, but have some questions.
I also received an inheritance this year from the same group b threshold of €28,888 but the solicitor done the return for that one earlier this year.
In relation to my uncles gift looking on line I think I have to do two returns. The first one up to 31st August this year and then one from 1 Sept onwards.
Can I claim the €3000 small gift exemption and do I put that off the first €3,000? So on first return I would not owe tax, but still have to do a return.
Then on the return from 1Sept would the below make sense
32,500 - 28,888 = 3612
9,500-3612=5,888 (or do I put the full 12,500 figure here even though I claimed the 3,000 gift exemption)
5,888 x 33% = €1,943.04 tax due
Does the above calculations look right?
Can I file the hard copy form of IT38S for these as it looks less complicated than the online version. Or would I be better looking to see if I can get an accountant to do this for me. How much would an accountant charge for this would anyone know?
Hope the above makes sense.