Depositing gifts after wedding

Okay, I am not a 100% sure but I think it goes like this.. I read about this over a year ago.

It's not the total of gifts, because each gift is from different individuals, so as long as no one gives you a gift of $10,000 or more, then it's not taxable.
anything under $9,999.00 is considered an untaxable gift.

This is interesting and good to know. THankS.

wouldn't you just say it was from two different people

so my FH parents should write a check for $9999

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Posted by jill13bean

wouldn't you just say it was from two different people

so my FH parents should write a check for $9999

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If it is check then have them write it for $9999. If it is cash, no one has to know

I think the gift tax law is that you have to get a total amount of gifts totally $10K - I acutally think it is 11K although i dont know when that is taking effect. So it doesnt matter how many people it comes from - once it is over that amount it is taxable.

Oh - and I seriously hope Big brother isnt watching because i do agree that if its in cash no one needs to know...

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Posted by butterfly20

i think it matters if its a gift from 1 person over a certain amount like 10k but im not sure

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This is true. One person has to give you 10K or more to get questioned.

The gift giver is taxed for a gift to one person in excess of $11,000, not the recipient.

Gift Tax Info at the IRS

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Posted by ChristineC68

The gift giver is taxed for a gift to one person in excess of $11,000, not the recipient.

Gift Tax Info at the IRS

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and your parents could gift split, ie: each can give you 11,000 tax free and your husband as well.

Gift Taxes

IRS Tax Tip 2007-39

If you gave any one person gifts in 2006 that valued at more than $12,000, you must report the total gifts to the Internal Revenue Service and may have to pay tax on the gifts.

The person who receives your gift does not have to report the gift to the IRS or pay gift or income tax on its value.

Gifts include money and property, including the use of property without expecting to receive something of equal value in return. If you sell something at less than its value or make an interest-free or reduced-interest loan, you may be making a gift.

There are some exceptions to the tax rules on gifts. The following gifts do not count against the annual limit:

Tuition or Medical Expenses that you pay directly to an educational or medical institution for someone's benefit
Gifts to your Spouse
Gifts to a Political Organization for its use
Gifts to Charities
If you are married, both you and your spouse can give separate gifts of up to the annual limit to the same person without making a taxable gift.

For more information, get the IRS Publication 950, Introduction to Estate and Gift Taxes, IRS Form 709, United States Gift Tax Return, and Instructions for Form 709. They are available at the IRS Web site at IRS.gov in the Forms and Publications section or by calling 800-TAX-FORM (800-829-3676).


Links:

Publication 950, Introduction to Estate and Gift Taxes (PDF 44K)
Form 709, United States Gift (And Generation-Skipping Transfer) Tax Return (PDF 300K)
Form 709, Instructions (PDF 79K)

for some strange reason i don't think anyone will be giving us 10k...
:(

Wow - Uncle sam finds another way to tax us!!!!

crazy that your parents are taxed on their income, then if they give you money for the wedding, they would pay more taxes on it......

So unfair !

I think I will be working in cash, just like most of the wedding vendors!


If any LI Brides work for the IRS, I was just kidding.