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sparksaangel
New Member

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?

 
2 Replies
DoninGA
Level 15

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.

RS103
Level 1

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....

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