Sister giving me 20k

My sister is giving me a loan of 20k towards my home loan mortgage, and I will pay her back interest free but will add inflation in the 5 year period, when this gets lodged into my mortgage account will questions be asked where I got the money from,because someone in work said if more than 5k is put into a bank account the bank have to tell the revnue and if so what type of questions,

questions may be asked by the bank, but "gift from sister" should be a sufficient explanation .. and 20K is under the threshold for CAT/gift tax

see http://www.citizensinformation.ie/c...ax/tax/capital-taxes/capital-acquisitions-tax for more info

It's not a gift, it's a loan. Can't see any problems here.

Would make sure you have a written aggrement with your sister, to advoid any misunderstanding down the road!

I think the issue is quite common:

Bank will only lend and take account of the extra money if that extra money is an outright gift - i.e. its not a loan that needs to be paid back because that affects ability to borrow.

Sister is not gifting - she is lending and she does want her money back.

Here are two diametrically opposed positions. No problem if parties never fall out - big problem if there is a falling out.

mf