Hi. I am considering making small gifts to my children (in their 20's) under the €3k threshold. There are a couple of complications so I wanted to check if my assumptions are right;
1) One child is living at home and still in education. I currently provide them monthly funding for living. Does this monthly amount count towards the €3k limit? (i.e. if I gave them €100 per month then I could only gift an additional €1,800). I'm assuming it does.
2) The other child lives abroad in Germany. In theory they have no tax liability here but if I were to gift in excess of the €3k limit, I'm assuming it would count against allowances once it came to inheritance. So probably best to stay under the Irish tax limit. As far as I can find, in Germany there is no specific gift limit but rather a lifetime "allowance" covering gifts and inheritance. If they are still there once it came to inheritance there seems no way around that. Is anyone aware of other gifting issues in Germany.
Thanks in advance
1) One child is living at home and still in education. I currently provide them monthly funding for living. Does this monthly amount count towards the €3k limit? (i.e. if I gave them €100 per month then I could only gift an additional €1,800). I'm assuming it does.
2) The other child lives abroad in Germany. In theory they have no tax liability here but if I were to gift in excess of the €3k limit, I'm assuming it would count against allowances once it came to inheritance. So probably best to stay under the Irish tax limit. As far as I can find, in Germany there is no specific gift limit but rather a lifetime "allowance" covering gifts and inheritance. If they are still there once it came to inheritance there seems no way around that. Is anyone aware of other gifting issues in Germany.
Thanks in advance