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Level 2

are wedding monetary gifts taxable?

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?

1 Reply
Level 15

are wedding monetary gifts taxable?


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:

**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.**
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