I have a query about a gift which now forms part of an inheritance. I know gifts and inheritance are treated differently by the Revenue but still confused.
My mother and I had a joint bank account, we were joint tenants and both put money into the account. When my mother died her share of the account passed to me as an inheritance. It was outside the estate. The year my mother died she gave me €3,000 as a gift, and as we shared the account I left the money there. I have no evidence of this it was just her wishes. Now this €3,000 forms part of the inheritance of the joint account. I am now completing the IT38 Form for the Revenue. Will the full amount in the account be subject to CAT or will be it be minus the €3,000 gift. Could someone clarify this for me?
Many thanks.
Mijne
My mother and I had a joint bank account, we were joint tenants and both put money into the account. When my mother died her share of the account passed to me as an inheritance. It was outside the estate. The year my mother died she gave me €3,000 as a gift, and as we shared the account I left the money there. I have no evidence of this it was just her wishes. Now this €3,000 forms part of the inheritance of the joint account. I am now completing the IT38 Form for the Revenue. Will the full amount in the account be subject to CAT or will be it be minus the €3,000 gift. Could someone clarify this for me?
Many thanks.
Mijne