Tax implications of gift to US tax resident.

[nad]

Hi
What are the tax implications for either party when a parent gifts a daughter 50k who is an irish citizen but living and tax resident in the USA.

 

[Brendan Burgess]

Giving a gift has no tax implications for the giver.

A parent in Ireland can give lifetime gifts to each of their children up to €335k, so there are no immediate Irish tax implications other than it uses up €47k of the threshold.

She should check the situation in America, but it seems that she is ok up to about $11m!

Gift tax in the United States - Wikipedia

en.wikipedia.org

Brendan

 

[nad]

Has anyone actually being in this situation and if so how did it work out?