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Question

Hello, my father is helping me pay for my wedding, by gifting me a large (to me) amount of money. Is it taxable, considering it's less than 5,000.00?

Forum|Forum|6 years ago
January 27, 2020
2 replies
12 views

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TurboTax Free Edition Online

Level 15

Gifts received from an individual are not reported on a tax return, regardless of the amount received.

Level 2

Gifts are not taxable to the recipient - but if they exceed certain annual thresholds, they require the person providing the gift to file a Gift Tax return...... ($15,000 per person in 2019). So you have a ways to go. A married couple can combine gifts, so your father and mother could each make you a gift up to $30,000 and still not taxable to you or reportable on a Gift Tax return by them....