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Wedding Money

JennLC Posted: Dec 22, 2002 02:37 PM+

JennLC MEMBER SINCE: 10/02 TOTAL POSTS : 343 WEDDING DATE: Apr 16, 2004

Posted: Dec 22, 2002 02:37 PM

Wedding Money

I am totally clueless when it comes to the IRS and money, but do you have to claim the money you get from people at the wedding? Won't the government be wondering why you have an extra 15,000-20,000 in the bank?

karen32 Posted: Dec 22, 2002 03:01 PM+

karen32 MEMBER SINCE: 8/02 TOTAL POSTS : 4562 WEDDING DATE: Oct 25, 2003

Posted: Dec 22, 2002 03:01 PM

Re: Wedding Money

Gifts are never taxable to the recepient. In the event that one person gives you over $10,000

then they will have tax consequences. You and DH never will.

JennLC Posted: Dec 22, 2002 03:17 PM+

JennLC MEMBER SINCE: 10/02 TOTAL POSTS : 343 WEDDING DATE: Apr 16, 2004

Posted: Dec 22, 2002 03:17 PM

Re: Wedding Money

Thanks a bunch! I don't think we will be getting any gifts over 10,000, but you never know!

bride04 Posted: Dec 22, 2002 03:24 PM+

bride04 MEMBER SINCE: 10/02 TOTAL POSTS : 2175 WEDDING DATE: Apr 17, 2004

Posted: Dec 22, 2002 03:24 PM

Re: Wedding Money

Wow! I probably won't have to worry about that either! But I guess I could deal with the taxes if someone was willing to give me $10,000!

karen32 Posted: Dec 22, 2002 03:41 PM+

karen32 MEMBER SINCE: 8/02 TOTAL POSTS : 4562 WEDDING DATE: Oct 25, 2003

Posted: Dec 22, 2002 03:41 PM

Re: Wedding Money

Heck, if somebody is willing to give me $10,00 - I will pay their share of the taxes for them

You'll still be up!!!!!

JennLC Posted: Dec 22, 2002 03:45 PM+

JennLC MEMBER SINCE: 10/02 TOTAL POSTS : 343 WEDDING DATE: Apr 16, 2004

Posted: Dec 22, 2002 03:45 PM

Re: Wedding Money

Same here! How much would be left though, after taxes? Math is not my subject.

karen32 Posted: Dec 22, 2002 03:47 PM+

karen32 MEMBER SINCE: 8/02 TOTAL POSTS : 4562 WEDDING DATE: Oct 25, 2003

Posted: Dec 22, 2002 03:47 PM

Re: Wedding Money

Not 100% sure of the gift tax rates right now - but I think you would have $9,750 or so left after taxes. Not too bad!!!!!

lilmrs Posted: Dec 22, 2002 03:52 PM+

lilmrs MEMBER SINCE: 5/02 TOTAL POSTS : 12030 WEDDING DATE: May 17, 2003

Posted: Dec 22, 2002 03:52 PM

Re: Wedding Money

what are the tax rates right now?? I am trying to figure it out for someone.

karen32 Posted: Dec 22, 2002 03:57 PM+

karen32 MEMBER SINCE: 8/02 TOTAL POSTS : 4562 WEDDING DATE: Oct 25, 2003

Posted: Dec 22, 2002 03:57 PM

Re: Wedding Money

Debbie -

My 2002 Master Tax guide is in my office, but according to the 2001 version - the rate goes from 18% to a whopping 55%

I can give you more accurate #'s tomorrow when I get to the office!

lilmrs Posted: Dec 22, 2002 04:04 PM+

lilmrs MEMBER SINCE: 5/02 TOTAL POSTS : 12030 WEDDING DATE: May 17, 2003

Posted: Dec 22, 2002 04:04 PM

Re: Wedding Money

Do they change with the amount?

karen32 Posted: Dec 22, 2002 04:11 PM+

karen32 MEMBER SINCE: 8/02 TOTAL POSTS : 4562 WEDDING DATE: Oct 25, 2003

Posted: Dec 22, 2002 04:11 PM

Re: Wedding Money

yes - the higher the $$, the higher the tax rate.

In 2001 -
gifts between $10k and 20k are taxed at 20%;
gifts between $100k and 150k are taxed at 30%; gifts $3m + are taxed at 55%

lilmrs Posted: Dec 22, 2002 04:34 PM+

lilmrs MEMBER SINCE: 5/02 TOTAL POSTS : 12030 WEDDING DATE: May 17, 2003

Posted: Dec 22, 2002 04:34 PM