Any brides out there know what happens when wedding gifts get deposited in the bank? Is there a tax? How much?
Any info will be very much appreciated. By FH and me as well as those of us who may not have thought about this yet.
Anyone an accountant?
Randilotus
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Re: Wedding gifts--$$$$$
I don't think taxes get pulled, it is a gift and not one lump sum from just one person.
Cheryl28
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Re: Wedding gifts--$$$$$
don't think it does get taxed
Summer07Bride
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Re: Wedding gifts--$$$$$
They are only taxed is one person gives you more than 10k.
snwb08
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Re: Wedding gifts--$$$$$
Posted by Summer07Bride
They are only taxed is one person gives you more than 10k.
right. any gift over 10k is taxed
MrsG
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Re: Wedding gifts--$$$$$
Thanks ladies.
FMIL wants to give us 10k, in cash. So we have to figure this out.
Best to all of you.
LIprincess
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Re: Wedding gifts--$$$$$
IF you keep it in long enough, the interest get taxed if its over a certain amount ... gotta love uncle sam
jenn122397
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Re: Wedding gifts--$$$$$
there was no tax taken out when we deposited our wedding gifts
Wifeynella
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Re: Wedding gifts--$$$$$
a gift of 10K from one person is taxable.
so if you want to get 10 or more from someone, break it up. cash and check... you can also get a check for 9,999 and 1 dollar in cash. lol
teenigrrl
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Re: Wedding gifts--$$$$$
Posted by MrsG
Thanks ladies.
FMIL wants to give us 10k, in cash. So we have to figure this out.
Best to all of you.
anytime you deposit $10K or more you have to fill out a form for AML purposes. if she's giving you cash, i suggest you put 1/2 in then wait a while (over 30 days) before you put the rest in. from what i recall (and please correct me if i'm wrong) if 10K or over is deposited in cash it has to signed off on and reported for anti-money laundering purposes. that also includes amts that will total $10K at the end of a 30 day period. it's been a while since i've taken deposits, so the rules may have been updated.
kimandvin
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Re: Wedding gifts--$$$$$
I never heard of you being taxed. If you are given anything under 10k from any one person you dont need to tax it.. Hope that helps!
heathermatt
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Re: Wedding gifts--$$$$$
thanks for the info this is something I never thought of...
marybp
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Re: Wedding gifts--$$$$$
People are allowed to gift up to a certain dollar value per calendar year to any single person without any requirement to file a gift tax return (709). This annual limit is currently $12,000 (not $10.000) . It is per donor (giver) per donee (recipient). Gift splitting between spouses is a way to multiply that annual exclusion. For example, a married couple can each gift $12,000 to their daughter and her husband each year, for a total of $48,000 of tax free and non-reportable gifts.
The tax is not imposed at the bank, rather it is claimed as income on your tax return.
Hope that helps!
Mici n KC
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Re: Wedding gifts--$$$$$
Posted by MrsG
Thanks ladies.
FMIL wants to give us 10k, in cash. So we have to figure this out.
Best to all of you.
Deposit half at a time to avoid any forms that need to be filled out.
