are wedding monetary gifts taxable?

Forum|Forum|3 years ago
August 31, 2022
2 replies
24 views

If the bride receives monetary gifts via venmo from a large number of guests,

totaling to 5 or 6 digits, will she need to pay tax or if venmo reports it to IRS or state tax?

xmasbaby0

Level 15

GIFTS

Money that you receive as a gift is not taxable income to you, and you do not need to report it on your income tax return. Money that you gave as a gift to someone else is not deductible for your taxes.

Turbo Tax does not support the gift tax form 709, but here is a link:

https://www.irs.gov/pub/irs-pdf/f709.pdf

https://turbotax.intuit.com/tax-tips/estates/the-gift-tax-made-simple/L5tGWVC8N

https://www.forbes.com/sites/ashleaebeling/2017/10/19/irs-announces-2018-estate-and-gift-tax-limits-11-2-million-per-couple/#3226e75d4a4b

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

Jrueteo

Level 2

Wedding monetary gifts are generally not taxable in the United States, as they are considered non-taxable gifts and are not subject to income tax for the recipient.

Jrueteo

Level 2

Wedding monetary gifts are generally not taxable in the United States, as they are considered non-taxable gifts and fall below the federal gift tax exclusion threshold.