Cash gifts

Hi girls,
I was wondering what you girls are thinking of doing with the cash gifts that you get after the wedding. I am hearing that depositing anything over $10K will be taxed. Are you girls doing anything specific to avoid paying the taxes or are you guys going to just take the hit and be legit?

thanks!!

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Posted by JD5909

Hi girls,
I was wondering what you girls are thinking of doing with the cash gifts that you get after the wedding. I am hearing that depositing anything over $10K will be taxed. Are you girls doing anything specific to avoid paying the taxes or are you guys going to just take the hit and be legit?

thanks!!

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MMM, I have like 5 different bank accounts. So, I will be making deposits in small increments.

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Posted by flairforfashion

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Posted by JD5909

Hi girls,
I was wondering what you girls are thinking of doing with the cash gifts that you get after the wedding. I am hearing that depositing anything over $10K will be taxed. Are you girls doing anything specific to avoid paying the taxes or are you guys going to just take the hit and be legit?

thanks!!

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MMM, I have like 5 different bank accounts. So, I will be making deposits in small increments.

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LMAO that is Very savy of you...

well if we even get anywhere near 10k in cash I'd be so happy I'd lay it out on the bed and roll around in it butt naked LMFAO

No but seriously... any $ will help us to recoup from all the $ we put out. It will likely go into saving for our home. We plan to keep sep accounts So we'll just split the money b/w our accounts!

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Posted by JD5909

is there any type of limit that you cant exceed each month? or is it a strict anything over 10K needs to be reported?

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i don't think theres a limit, just anything over 10K in cash at once will need to be reported to the irs by the bank.

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Posted by vicky1125

if you make a deposit of over 10K they make you fill out a form asking where you received the money from. you can deposit smaller amounts over a period of time with no problems.

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I assume checks can be deposited in a a large amount over 10K without issue - correct?

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Posted by Kristina2009

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Posted by vicky1125

if you make a deposit of over 10K they make you fill out a form asking where you received the money from. you can deposit smaller amounts over a period of time with no problems.

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I assume checks can be deposited in a a large amount over 10K without issue - correct?

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correct, it's the cash that's the problem.

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Posted by vicky1125

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Posted by JD5909

is there any type of limit that you cant exceed each month? or is it a strict anything over 10K needs to be reported?

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i don't think theres a limit, just anything over 10K in cash at once will need to be reported to the irs by the bank.

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Yes exactly .. its only cash though

i never knew all this..i guess its cause i never deposit anything over like 300 bucks lmao

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Posted by GRod2Be

I won't be getting that much anyway since my wedding is small, but we will be using our gifts towards the honeymoon.

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Same here. Whatever we do get will be used to pay off some of our debt.

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Posted by NickandTara426

So if it's not all in cash then it's not taxed?

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its not taxed but the bank is forced to report your to the IRS.... so they will come looking for you asking how did you come by so much money in cash (being that you arent a business)

It's cash only that is reported, and it has nothing to do with taxes.

It's to prevent ­­money laundering.

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Posted by flairforfashion

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Posted by JD5909

Hi girls,
I was wondering what you girls are thinking of doing with the cash gifts that you get after the wedding. I am hearing that depositing anything over $10K will be taxed. Are you girls doing anything specific to avoid paying the taxes or are you guys going to just take the hit and be legit?

thanks!!

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MMM, I have like 5 different bank accounts. So, I will be making deposits in small increments.

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we'll be doing the same thing the day after the wedding.