Question about Gifts and Taxes

Nic and Ant Posted: Mar 30, 2007 05:15 PM

Question about Gifts and Taxes

Sorry to barge in ladies (this is the Ant part of Nic and Ant). But I had a question abou gifts and depositing them into the bank.

I do not know anybody who actually clamed wedding gifts on taxes or even if you have too. But is there anything that a person should be made aware of when depositing money & checks into a bank account that they received at their wedding?

I have no idea why I though about this, but I did and now I need to know thew answer.

cindyandkevin Posted: Mar 30, 2007 05:24 PM

Re: Question about Gifts and Taxes

I just deposited all of our checks into our account. When it came time to do our taxes we didn't claim them as anything, and our accountant knew we had gotten married and didn't ask anything about gifts.

October Bliss Posted: Mar 30, 2007 05:52 PM

Re: Question about Gifts and Taxes

The 'gift' has to be in excess of $10K for it be reportable to the IRS.

GabrielleandJohn Posted: Mar 30, 2007 06:07 PM

Re: Question about Gifts and Taxes

Do not deposit more than $10K in one day or you have to fill out a tax claim form.

chatxleau24 Posted: Mar 30, 2007 07:13 PM

Re: Question about Gifts and Taxes

Posted by GabrielleandJohn

Do not deposit more than $10K in one day or you have to fill out a tax claim form.

yes - im following some smarties

maybride75 Posted: Mar 30, 2007 07:19 PM

Re: Question about Gifts and Taxes

i didnt know you could do that . thanks for the tip!

kittythestray Posted: Mar 30, 2007 07:47 PM

Re: Question about Gifts and Taxes

Posted by October Bliss

The 'gift' has to be in excess of $10K for it be reportable to the IRS.

It actually went up!

In 2006 one person can give one person $12K before it is taxable, and it's taxable to the gift GIVER not the gift receiver.

Since you are married one person can give you each $12K before it's taxable for a total of $24K, and again, it's taxable to the giver if it's over.