Gifts to married couple. Tax implications?

K

Kimmagegirl

Registered User
Messages
327
I am about to make a largish gift to one of my sons. He is married. If I make the cheque out to him I understand that it will come under the gift/inheritance threshold. If I make it out to him and his wife, will the revenue see her half of the cheque as a separate gift to her for tax reasons?
 
You refer to:

1. Married couple
2. my son

So - are you giving money to each of them? both of them? your son only?

"If I make it out to him and his wife, will the revenue see her half of the cheque as a separate gift to her for tax reasons?" - yes. How else would they view it?

mf
 
Depending on the value of the gift, it may be beneficial to spilt it, depending on the reason for the gift, and does it need to be given in one hit, or divided down so as to come under all gift rules...
 
A client of mine did something similar recently and got the following advice from his tax advisor:

You are allowed to gift them €3,000 each. It is recommended that separate cheques are written and paid into separate bank accounts if possible. Also send a letter/ note setting out the gift being given to each of them.

It's all about creating an clear audit trail in case it is questioned by the Revenue.

I think you also have to declare it to the Revenue. I'm not a tax advisor though so I'm not 100% sure.


Steven
www.bluewaterfp.ie
 
as steven is suggesting, you are allowed €3000 per calander year from a single donee , so if your spouce was sending your son another 3000 in that same year etc etc....

i have come accross people .. that OWED him that money and was simply repaying him !
and others just giving him his share of winnings...
 
DerKaiser said:
Interesting.

Are you saying that a gift to son (who then gives half to his wife) would get different treatment from a joint gift?
Click to expand...

No. I'm saying that if you write a cheque to two people, you are clearly giving a gift to the two.

mf
 
You must log in or register to reply here.
Back
Top