Gift Tax Rule Change Explained | Dublin News

Parents gifted their daughter 335K euros four years ago—thinking they hit the tax-free cap. But here’s the twist: the gift limit jumped to 400K euros after October 2, 2024. Since her original gift was below the new threshold, she can still snag an extra 65K tax-free from her parents. However, if you already paid taxes on a gift that exceeded the old limit, you can’t claw back those taxes just because the cap rose. The key? Your past gifts must be under the current limit to qualify for the difference. Plus, don’t forget the 3K annual small gift exemption per parent—it adds up. Stay updated on tax rules, and you’ll stay ahead of the game. Listen in comfort:Get a discount on a Soli Pillow: http://solipillow.com/discount/dnn. Advertise on DNN:[email protected] This is an automated, high-level news summary based on public reporting.Report issues to [email protected]. View sources & latest updates:https://sources.thednn.ai/9968a79d92b7e2c7