- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
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?
Topics:
2 Replies
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
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?
Gifts received from an individual are not reported on a tax return, regardless of the amount received.
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
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?
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....
Still have questions?
Make a post
Or browse the Forums