Do You Need to Pay Taxes on Gifted Money?

Question

Hello and thank you for giving me the opportunity to ask this important question. My son‘s father has gotten 1,500,000 Swedish crown from his mother when she died 10 years ago. It sits in his Swedish bank account. He now wants to give that money to our son who lives in Sweden so he can use that as a down payment for an apartment he wants to buy. My son has a Swedish bank account. Can his father transfer the money as a gift without my son having to pay taxes? I so much appreciate your answer Regards, 

Answer 1

Hi,

thanks for choosing Lawline for your question!

Do You Need to Pay Taxes on Gifted Money?

In Sweden there is no tax on gifted money since 2005, which means that you can transfer the money as a gift without worriyng about paying taxes (8 kap 2 § Inkomsskattelagen).

Hope you got an answer to your question!