Is there a certain amount of mony that you can deposit before being taxed? Or does that not count for gifts.
lookitscassie
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Re: Depositing gifts after wedding
Posted by mlny83
crap who keeps bumping these old threads
yeah seriously. super old
but i would love anyone who gives us 11,000
any givers? :)
Jennifer907
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Re: Depositing gifts after wedding
I'm so glad this was bumped tho because FMIL wrote me a check for $11k as a 'gift' for the wedding (she is paying for the wedding) and I freaked after reading something about having to report deposits over $10K to the IRS and thought I would be taxed on it. I completely forgot about it until after the check was already deposited. Now I feel better after reading this!
dangell427
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Re: Depositing gifts after wedding
Posted by mlny83
crap who keeps bumping these old threads
does it matter??? not to sound rude, just wondering?
luna bride x
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Re: Depositing gifts after wedding
because you go to answer them then after you answer you realize they're like 5 years old and the person who posted has been married for years already. it's annoying. i know i'm not the only one who thinks it either.
LB and DC
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Re: Depositing gifts after wedding
Posted by mlny83
because you go to answer them then after you answer you realize they're like 5 years old and the person who posted has been married for years already. it's annoying. i know i'm not the only one who thinks it either.
exactly - i think we all feel a little silly replying to a thread before noticing that it's over 3 years old
although duh, i just did...
TrueLoveIn2008
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Re: Depositing gifts after wedding
I think it's interesting, though .... it's something I have been thinking about and I'm sure some other girls have too, so if it's useful info, I think it's ok that it was bumped.
karabara
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Re: Depositing gifts after wedding
yeah, it is true. but at least this is a topic that is still relevant to all of us - taxes, unfortunately, never go away!!
TrueLoveIn2008
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Re: Depositing gifts after wedding
No matter how much you deposit, you still have to report any interest that is earned on it, right? FH is insisting we just cash all of our checks and keep the money in our apt. because he doesn't want to have to pay taxes on it. I said:
1. you only report your interest, not what you are given as gifts, and the tax you pay is really not a lot ...
2. if we put it in a checking acct where we do not earn interest (although I think that is dumb because we should be making the money work for us, we will not be spending it until 1-2 years later when we buy a house) we will not be taxed on it.
