My mother is telling me we are going to get killed on our taxes this year with our money from wedding gifts, and not owning a house.
Anyone have any pointers when it comes to filing our taxes this year? File jointly or file separately?
ETA: we dont have that much in our savings, but like the rest of you, getting ready to put a down payment someday.
jeanla4c
Posted:
Member since
Re: First tax season married
Yeah I would do it both ways and see which is better....we actually are going to probably save money by filing jointly since we have a house and I was in school for most of '05 (brings down the income ). Sorry can't help more. GL!!!!
JLP
Posted:
Member since
Re: First tax season married
To my knowledge, you won't get taxed on wedding gifts, unless they are in a saving account, in which case you will pay tax on the interest you earned.
According to a website I just pulled up, in 2004, you would get taxed on gifts totalling $11,000+ that came from one person. Unless you received a lot of wedding gifts over $11K, I wouldn't worry about it.
We plan to file as married, jointly, but we bought a house this year and will benefit from that.
MCDO15
Posted:
Member since
Re: First tax season married
wedding gifts will not affect like the others said. and since that is the case, and you don't own a house, it doesn't matter if you file jointly or seperate as it is the same caculation
shamrock12472
Posted:
Member since
Re: First tax season married
You don't have to claim any wedding gift regardless of the amount. If a gift is over $11,000, the giftor is responsible for the taxes due, not you.
