Giving financial gift to daughter to help with house renovations.

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Sunnygirl69

Registered User
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We want to give our daughter sum of money to help with house renovations. I believe gift amount parents can give is 3k? Can we gift her this amount just by way of bank transfer before end 2024 & do same in Jan 2025?
 
This year I gave a gift of €20,000 to my daughter (cash) for her wedding. No questions were asked of me.
 
Silversurfer said:
This year I gave a gift of €20,000 to my daughter (cash) for her wedding. No questions were asked of me.
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Why would there be? There are no tax issues here assuming that this gift didn't bring her over her group A CAT exemption limit. And even then CAT is a self assessed/declared tax.
 
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ClubMan said:
Why would there be? There are no tax issues here assuming that this gift didn't bring her over her group A CAT exemption limit. And even then CAT is a self assessed/declared tax.
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The point I was making is it was a cash transaction. My daughters name was never mentioned. I withdrew €20,000 from my account in cash. No questions were asked. The OP in my opinion is making it very complicated.
 
There is no issue @Silversurfer with you giving your daughter any cash amount. It is your daughter who will have to satisfy revenue that she is not subject to CAT on the gift if it exceeds the CAT limit of €400K since 1991 (excluding the €3K small gift exemption). She may of course never exceed the threshold or may not do so for many more years.

If there is a paper trail, like a bank transfer it is easier to collate, the bank has no role at all in your daughters future tax liability (if any) so would ask no questions.

@Sunnygirl69, you and your spouse can each give your daughter and her partner (if any) 3K each now and €3K each in Jan, a potential maximum of €24K over a few weeks which would not impact either of them in terms of lifetime CAT threshold as all would be covered by the €3K gift tax annual exemption. Your record of bank transfers should be able to show that clearly if revenue ever asked.
 
ClubMan said:
Why would there be? There are no tax issues here assuming that this gift didn't bring her over her group A CAT exemption limit. And even then CAT is a self assessed/declared tax.
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There are no tax issues either way. A parent or couple contributing to the cost of their children's weddings have long been disregarded for CAT purposes.
 
Silversurfer said:
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The point I was making is it was a cash transaction. My daughters name was never mentioned. I withdrew €20,000 from my account in cash. No questions were asked. The OP in my opinion is making it very complicated.
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I asked simple question to which I got clear concise answers. Not complicated at all.
 
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