what if they are given in lieu of the wedding? thanks
2007-08-28 15:04:13 · 7 answers · asked by Jared K 2 in Business & Finance ➔ Taxes ➔ United States
Gifts are never taxed to the person who gets them. And, a person giving a gift can give up to $12,000 per person per year without any tax consequences to the giver. If the $12,000 per person per year amount is exceeded a gift tax return would need to be filed, but there is a $1,000,000 lifetime exclusion the giver could offset the excess above the $12,000 against. So, a set of parents could give $48,000 to their child and the person that their child is marrying without any tax return
2007-08-28 15:42:19 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Tax On Wedding Gifts
2016-12-17 08:17:55 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Not unless they are very expensive. Each year, one person can give each other person as much as $12000 (that amount goes up periodically) without paying any gift tax. Since a wedding gift is to two people, that would mean that any gift from an individual that is less than $24000 would not be subject to gift tax (assuming that was the only gift given that year). If the gift exceeds the limit, the giver is responsible for filing a gift tax return. The receiver of the gift does not owe any tax under any circumstances.
2007-08-28 15:16:14 · answer #3 · answered by Dave W 6 · 0⤊ 0⤋
A gift from any one person to any one other person of up to $12,000 is not taxed, and neither the giver nor the receiver has to report anything. For a gift over that, the giver has to file a gift tax return and under some circumstances pay tax on it.
It doesn't matter whether it's a wedding gift, a birthday gift, or just a gift for no occasion.
2007-08-28 15:10:28 · answer #4 · answered by Judy 7 · 0⤊ 0⤋
The prices for weddings vary as much as the cost of living does, maybe even more! I am in Boston and a 150 wedding is costing $42,000 not including honeymoon or engagement ring but with open bar. That is actually pretty average in the city itself. Other areas of MA would cost maybe $28,000 for the "same' wedding, except without the view my reception site has. Another reason things are so much more expensive in the Northeast, mainly Boston and NYC is that all of the venues here that can hold more than 70 guests or so require you to use either their own catering services, or one of another caterer they work with... no bringing your own food/shopping around for better prices allowed! This makes all the catering in the city expensive, and the venues know that they can change what they want.
2016-03-13 00:54:45 · answer #5 · answered by Anonymous · 0⤊ 0⤋
The recipient of a gift never pays taxes on the gift in the US. The donor may have a tax liability depending upon the circumstances.
2007-08-28 22:13:09 · answer #6 · answered by Bostonian In MO 7 · 0⤊ 0⤋
What does that mean? Who would be taxed? The giver? the receiver?
What do you mean by "in lieu of the wedding?" Do you know what "in lieu" means?
2007-08-28 15:08:26 · answer #7 · answered by fotoguy 4 · 0⤊ 1⤋