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Originally Posted by Jim Kata
I am getting married this weekend and expect a very large amount of cash gifts...i mean over $20,000. Is there a legal way of depositing this money (that we are going to put towards a house), without getting taxed like a motherfucker on it? Right now we have 3 bank accounts. Hers, mine, and ours.
I remember on the Sopranos, Carmella gave $9,900 for investing purposes and the person she gave it too said something along the lines of "You are under the $10,000 limit of us having to report this to the IRS" or something along those lines. Does this fall into the same category or was that all Hollywood BS?
Any advice, suggestions, and whathaveyou are appreciated.....as always.
Thank you in advance.
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$10,000 cash transfers are now required to be reported to the feds for sucurity purposes - this is not a taxable event.
You can be given gifts of up to $12,000 per "gifter" without creating a taxable event each year. Even if the gift was over $12,000, you would not pay tax, the grantor would.
Married couples can "gift split" as well, so your parents could give each of you $24,000 without creating tax problems.