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If a person is gifted a largish sum of money, say €50k+ from an elderly parent must that sum of money be disclosed to the revenue in the year it is received or can it form part of the overall tax return of the person when they receive their final inheritance on the death of the parent?
Can't take off the small gift exemption!!!!
Idiots
Can't take off the small gift exemption!!!!
Idiots
If a person is gifted a largish sum of money, say €50k+ from an elderly parent must that sum of money be disclosed to the revenue in the year it is received or can it form part of the overall tax return of the person when they receive their final inheritance on the death of the parent?
Can't take off the small gift exemption!!!!
Idiots
No insult meant at all.
I mean exactly what I said......
Think about it for a second, what's the name of the exemption?? SMALL GIFT........ Is the gift of a house a small gift?
It's not like the €1,270 CGT allowance.
Go read IT39
No insult meant at all.
I mean exactly what I said......
Think about it for a second, what's the name of the exemption?? SMALL GIFT........ Is the gift of a house a small gift?
It's not like the €1,270 CGT allowance.
Go read IT39
You're wrong, as Graham_07 has pointed out. BTW, when you call people idiots, insult is generally taken as being intended. Might be worthwhile for you to re-read the .
If a person is gifted a largish sum of money, say €50k+ from an elderly parent must that sum of money be disclosed to the revenue in the year it is received or can it form part of the overall tax return of the person when they receive their final inheritance on the death of the parent?
The OP speaks of inheriting a house etc... Therefore in computation he will not be able to deduct the €3,000
The question from Boxthefox was what I was answering, not the OP, perhaps I should have quoted that poster for clarity in my response. The thread ( as frequently happens on AAM) seemed to expand from the OP's original question. Quite correctly S.69CATCA2003 does not apply to inheritances, but in the question Boxthefox posed, it would as it was a gift.
I endorse your comment re seeking appropriate professional advice. One should never rely solely on anonymous posts on an internet forum in making taxation decisions.
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