Parents gifting money

[sun_sparks]

Not sure if this is in the right forum... but here goes.

Our parents are helping us out with money (officially!). We need to account for €18,000.

Would we be better asking one set of parents to write the gift letter or splitting it between both? Or does it make not one iota's difference?

Also, are there tax implications with getting such a gift. Does it reduce the ability to get future gifts.

Mind, our parents would have hysterics at the idea of future gifts!!!!!

 

[Bigfoot]

I think you can just get one of them to write saying they are giving you the money. The threshold for Gift Tax from a parent to child is around 460,000 so you're alright there!

 

[ClubMan]

Are you married? If not then a gift from the parents of one partner to the other partner in the relationship - or between unmarried partners - may not be exempt under the gift tax rules in case that's of any relevance.

 

[bacchus]

The following may be complete rubbish, but i don't know.. so here you go

Few weeks ago, somebody mentionned to me that there is tax implication if a sum of money is given as a gift and the intent use of this money is to buy a property..and also that there will be a clause to that effect written on the contact.
I am very dubious about it, but ...... is that true?

 

[ClubMan]

You may be referring to [broken link removed]?

 

[sun_sparks]

ClubMan: No we're not married. Good point though. Mind, it would make more sense then to have both sets of parents giving to their respective children.

Bacchus: Haven't heard anything like this, but would be interested to know more...

 

[JJJ]

Not sure if it is different with siblings but myself and brother are buying a property and our parents are helping us out and we told the solicitor this and he said it was fine didn't have to declare anything etc.

 

[ClubMan]

Bacchus: Haven't heard anything like this, but would be interested to know more...

See the Revenue link that I posted. There are a few other links about this issue and there was a lot of press coverage of it at the time too.