Pay attention to making a transfer to your children, the Revenue Agency is around the corner. Although sending money to help him financially is not illegal, the tax authorities may become suspicious. It is therefore better, at least when it comes to small amounts, to prefer cash. The web portal reveals it contocorrenteonline.it which suggests sending wire transfers to children only if it is exceeded the limit of 2 thousand euros (i.e. the one fixed until 31 December 2021) or of one thousand euros (limit that will be introduced from 1 January 2022).
The reason? Avoid running into violation of the money laundering rule. Not only that, to avoid any kind of trouble it is always worthwhile keep track of every movement and provide the reason. Any transfer received into your account, unless proven otherwise, constitutes taxable income. The child who receives the money will have to prove that it is only a tax, a tax free operation unless it is large amounts.
In fact, if it exceeds one million euros, it is applied a rate of 4 per cent for the part of the donation exceeding the deductible. Anyone who intends to give a gift to their children, from a small payment to help for the purchase of a house, must pay the utmost attention, the tax authorities do not forgive.