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New Member

I got $20,000 in cash gifts from 500+ guests at my wedding ceremony in India. I am now back in the US and plan to deposit the entire 20K. What are my tax implications?

I declared the amount at customs.
I'm also vaguely aware of the Bank Secrecy Act where deposit north of 10K must be reported to the IRS.
I understand as the gift receiver, I don't have to bear the burden of the tax, but wanted to confirm.
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Employee Tax & Finance Expert

I got $20,000 in cash gifts from 500+ guests at my wedding ceremony in India. I am now back in the US and plan to deposit the entire 20K. What are my tax implications?

You are correct, you do not need to report the cash gifts from your wedding as income.  Your bank can assist you with any filing requirements for deposits (I believe it is their responsibility to file, but they will confirm this with you.) 

 

Congratulations and best wishes on your marriage! 

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Level 2

I got $20,000 in cash gifts from 500+ guests at my wedding ceremony in India. I am now back in the US and plan to deposit the entire 20K. What are my tax implications?

A similar question - does this also include checks received as gifts?

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Employee Tax Expert

I got $20,000 in cash gifts from 500+ guests at my wedding ceremony in India. I am now back in the US and plan to deposit the entire 20K. What are my tax implications?

Yes, it does.  This is not income you need to report on your tax return, since they are gifts. Any individual can give you up to $15,000 before any gift tax needs to be paid.

 

The Gift Tax

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