is it true if you deposit over x amount from wedding gifts in the bank you get taxed???
is this true?
BeccaJo
Posted:
Member since
Re: i heard a terrible rumor!!!
Only if you get over that amount from one person. I think its $15,000 or something.
Kricket212
Posted:
Member since
Re: i heard a terrible rumor!!!
anything deposited over $10,000 has to be reported to the irs. You should make a few smaller deposits.
SB7308
Posted:
Member since
Re: i heard a terrible rumor!!!
Only if its CASH! Does not matter for checks.
MrsHtobe
Posted:
Member since
Re: i heard a terrible rumor!!!
Posted by Kricket212
anything deposited over $10,000 has to be reported to the irs. You should make a few smaller deposits.
I believe it was $12,000 this year.
As long as it was no single check / cash amount greater than $12,000 you are fine.
jcslady
Posted:
Member since
Re: i heard a terrible rumor!!!
Posted by MrsHtobe
Posted by Kricket212
anything deposited over $10,000 has to be reported to the irs. You should make a few smaller deposits.
I believe it was $12,000 this year.
As long as it was no single check / cash amount greater than $12,000 you are fine.
eeekk my parents gave me a check before the wedding to help and it was over that!!!! why should the govt get a cut??? that pisses me off...
MrsHtobe
Posted:
Member since
Re: i heard a terrible rumor!!!
Posted by jcslady
Posted by MrsHtobe
Posted by Kricket212
anything deposited over $10,000 has to be reported to the irs. You should make a few smaller deposits.
I believe it was $12,000 this year.
As long as it was no single check / cash amount greater than $12,000 you are fine.
eeekk my parents gave me a check before the wedding to help and it was over that!!!! why should the govt get a cut??? that pisses me off...
I don't know if they will automatically tax it, but if you get audited and didn't claim it, you might be given a hard time.
I believe you only have to claim what is over the gift limit. . .
DeeluvsVinny
Posted:
Member since
Re: i heard a terrible rumor!!!
you don't get taxed..it gets reported to the IRS if you deposit cash over $10,000, but if it comes up, you just prove it's a wedding gift and you're fine.
Christeen320
Posted:
Member since
Re: i heard a terrible rumor!!!
Posted by MrsHtobe
Posted by jcslady
Posted by MrsHtobe
Posted by Kricket212
anything deposited over $10,000 has to be reported to the irs. You should make a few smaller deposits.
I believe it was $12,000 this year.
As long as it was no single check / cash amount greater than $12,000 you are fine.
eeekk my parents gave me a check before the wedding to help and it was over that!!!! why should the govt get a cut??? that pisses me off...
I don't know if they will automatically tax it, but if you get audited and didn't claim it, you might be given a hard time.
I believe you only have to claim what is over the gift limit. . .
I dont believe its reported to the IRS for wedding purposes, its more or less to keep track of people who deposit or withdraw large cash amounts regularly. Like to keep track of people with cash business who claim they make no money or drug dealers or any other fishy business practices. But if your worried just deposit small amounts.
Gift tax is paid on all gifts over $12k per person (if your Mom is married, you would be okay up to $24k).
Anything over that, the GIVER gets taxed.
RadiantBride
Posted:
Member since
Re: i heard a terrible rumor!!!
If you have not made the deposit I would ask your mom to split the check in to and wait a couple of days to deposit the check. That way you wont get taxed.
thelastMrsG
Posted:
Member since
Re: i heard a terrible rumor!!!
Posted by Kricket212
anything deposited over $10,000 has to be reported to the irs. You should make a few smaller deposits.
Girls, take it from a girl who worked from a bank
DO NOT DO THIS!! You do not get taxed but Banks must report deposits ober $10,000 for money laundering information ONLY. If you make many deposit just under $10,000, then you could be flagged. You can only be taxed if you CLAIM the money. The bank can't tax you, and they don't report for tax purposes. It's just like if you have an interest bearing account, you get a form before your taxes are due because you are supposed to claim that interest. Unless you claim your gifts, then the bank won't report you for tax purposes.
sparkle
Posted:
Member since
Re: i heard a terrible rumor!!!
Posted by jcslady
Posted by MrsHtobe
Posted by Kricket212
anything deposited over $10,000 has to be reported to the irs. You should make a few smaller deposits.
I believe it was $12,000 this year.
As long as it was no single check / cash amount greater than $12,000 you are fine.
eeekk my parents gave me a check before the wedding to help and it was over that!!!! why should the govt get a cut??? that pisses me off...
Haha tell me about it... just wait till Obama's in office
