We do not want to do anything illegal, but it seems to me I have heard he can give me a certain amount of $ and this somehow affects his taxes. Any ideas or suggestions?
2007-02-19 21:25:44 · 12 answers · asked by Learning is fun! 4 in Business & Finance ➔ Taxes ➔ United States
There's no write-off for wedding expenses.
There could be Gift Tax consequences if he gives you more than $12,000 in any calendar year. He could give you and your spouse $12,000 each without having to pay any Gift Tax. If Gift Tax is due, HE has to pay it, not you.
Not sure who threw the "thumbs down" on this but there WILL be Gift Tax consequences for any GIFTS given that exceed the exclusion amounts. The cost of the wedding itself isn't considered a gift, but the wedding gifts most certainly ARE. Please read the entire question, folks, before you rate the answer. If Pops gives her the $$$ to pay for the wedding, that IS a gift with possible tax consequences. If he pays the bills himself, there is no gift.
2007-02-19 23:33:02 · answer #1 · answered by Bostonian In MO 7 · 0⤊ 2⤋
There is no income tax deduction or credit for paying for a wedding. The father of the bride is paying for a family wedding. Not a taxable event. No gift tax return is required.
2007-02-19 23:54:34 · answer #2 · answered by ninasgramma 7 · 0⤊ 0⤋
No, none of it is deductible.
Sure, he can give you a gift of money, but it's not deductible for him. And if it's more than a certain amount, I think $12,000 per year currently, he would have to file a gift tax return, and he'd possibly have to pay a gift tax although probably not.
2007-02-20 14:45:04 · answer #3 · answered by Judy 7 · 0⤊ 0⤋
Wedding expenses are not deductible on the Federal Tax Return
2007-02-19 23:11:06 · answer #4 · answered by Rob 7 · 1⤊ 1⤋
it's not a write off - it's definitely not a charitable deduction - nice try though
In addition - don't listen to the people that called it a gift that you have to declare and pay taxes on because it's not
2007-02-19 22:56:44 · answer #5 · answered by Dizney 5 · 2⤊ 0⤋
if youre getting married in a church, a portion of what is given to them can be deducted as charitable contribution
2007-02-20 17:48:42 · answer #6 · answered by tma 6 · 0⤊ 0⤋
As far as I understand, the gift will be taxable in your hands. Otherwise, no I do not think he can write the cost of a wedding against tax. Why not get a tax lawyer to verify it.
2007-02-19 21:29:33 · answer #7 · answered by celianne 6 · 0⤊ 6⤋
There is no way for him to write it off, sorry.
2007-02-19 22:35:55 · answer #8 · answered by americanmalearlington 4 · 2⤊ 0⤋
NO- you are not a charitable organization
2007-02-19 23:55:59 · answer #9 · answered by Ovrtaxed 4 · 0⤊ 0⤋
if he makes a cash gift to you, that would not be taxable to you, and it could be written off of his yearly statement.
please contact a professional tax advisor before doing anything like this, though.
have a nice day.
2007-02-19 21:33:44 · answer #10 · answered by sharrron 5 · 0⤊ 6⤋