Tax Question- where are all the accountants out there!!

I have a couple of questions for any accountants/CPAs/ etc., this may be something other brides are thinking about too?

~I know there is a certain amount that you are allowed to be 'gifted' yearly without being taxed - from parents, etc. What is this amount?
~Is it better for our parents 'pay' the reception hall than give us a check?
~ What about from other guests for wedding gifts- let's say i get $15,000 in gifts. Can i deposit them into my account the next day?
~Do i have to hold some until the next year (2014 taxes)?
~Is the total amount 'gifted' on my taxes per giver or total I get?
~Does it all not count as a gift since i am freakin paying it out to my vendors the week before! lol

Any insight?

Tax Question- where are all the accountants out there!!

ohhh good question! I'd like to know too!

Tax Question- where are all the accountants out there!!

(my mom is gonna ask her accountant when she gets her taxes done but since she's currently on jury duty this may be april 10th or so and i cant wait ! lol)

Tax Question- where are all the accountants out there!!

Great questions!! I didn't even think about that stuff. I would love to know the answers also.

Tax Question- where are all the accountants out there!!

I'm an accountant but I don't do individual taxes so I am no expert in this. But I don't think you would have to pay taxes on any wedding gifts. The 2013 IRS limit for tax-free gifts is $14k, but anything over the limit would be taxed on the gift-giver. I think the point of the gift tax is so that really rich people can't siphon their money off. Practically, I don't think the IRS would ever question wedding gifts unless you have really rich, really shady guests.

Tax Question- where are all the accountants out there!!

I am a CPA and use to be tax accountant but I did not individual taxes and now I am no longer practicing so I am not current with the exact numbers. (Just a warning)

14K sounds right but the gift is to you and your FH / FW so you can double that amount. Also, I can look it up but if I remember correctly I believe the 'Giver' is responsible to pay the tax.

Tax Question- where are all the accountants out there!!

You really have nothing to worry about because you wouldn't claim any wedding gifts as income on your taxes in any year.

Anyone who gives a very large gift to you and your wife (over 28K) would be responsible to pay tax on the amount gifted.

Tax Question- where are all the accountants out there!!

Also, those amounts are per year (14K per person) - If you have someone who plans to give you guys a gift larger than 28K) have them to split it up between 2013 and 2014.

Tax Question- where are all the accountants out there!!

awesome, thanks!!!

Re: Tax Question- where are all the accountants out there!!

we just did our taxes and the account knew we got married and he never even asked about our wedding gifts.

Tax Question- where are all the accountants out there!!

Gifts are non-taxable to the recipient. The giver would only have to pay taxes if they reached not only the annual max of $14,000 per persona but also a lifetime max of $1 million... I don't know about you guys but I don't know anyone who would give that much!!! lol wish I did though!

Re: Tax Question- where are all the accountants out there!!

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Posted by Mindyepo

Gifts are non-taxable to the recipient. The giver would only have to pay taxes if they reached not only the annual max of $14,000 per persona but also a lifetime max of $1 million... I don't know about you guys but I don't know anyone who would give that much!!! lol wish I did though!

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LOL i totally wish that too!
the million lifetime would be nice too :)