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Is money received as a wedding gift taxable?
March 30, 2010 | In: Wedding Gifts
Recently got married with a significant number of wedding gifts given in the form of money totalling a decent amount. Is it taxable based on the total amount? Or is it based on the gift per individual?
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9 Responses to Is money received as a wedding gift taxable?
Romantic Warrior
March 30th, 2010 at 10:03 am
it’s a gift, don’t make it harder on yourself than life already is. As far as the IRS knows, they don’t know you got any gifts.
christina_victoria2002
March 30th, 2010 at 10:54 am
If you call up any of the local tax offices such as H&R Block or Jackson Hewitt and ask them they will give u an accurate answer. But i dont think there is tax on wedding gifts (i could be wrong).
Okay
March 30th, 2010 at 11:06 am
Technically, yes, but no.
gpctman
March 30th, 2010 at 11:11 am
ask the tax department of the country that you live in.
chasm_in_oxford
March 30th, 2010 at 11:26 am
I am not a tax lawyer, but I do recall that unless the gift is over 10K, there are no taxable consequences. If a single gift is over 10K, then the person giving the gift might be subject to gift tax. But I don’t believe you have anything to worry about. A gift is not taxable to the recipient, just to the giver if it is huge, ie over 10K to a single person.
michelle.1105
March 30th, 2010 at 11:54 am
NO it’s not taxable.Gifts are gifts no matter the amount.Congratulations on your marriage.May it last for many years.
debeaz70
March 30th, 2010 at 12:39 pm
For 2006 anyone can gift up to $12,000 to anyone without any tax due. If the gift exceeds that amount, then the person receiving that gift would be subject to a gift tax (around 35%) for the amount over that $12,000.
bestansweryet
March 30th, 2010 at 1:17 pm
all the answers are wrong except Michelle. Gifts are never subject to income tax (or gift tax) to the recipient. Only if you invest the gift and earn money on the investment will you pay income tax. There is no limit, people get confused with the annual gift tax exemption of (currently) $12,000, but that’s a whole new subject. Congratulations, you received tax-free gifts.
Taxguidegirl
March 30th, 2010 at 1:45 pm
Gifts are not taxable ever to the recepient. The donator may be held liable for a gift tax if the value of the gift is over $11,000 in one year.