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Budgeting, Financing, and Legal Issues Discuss ways of dealing with these issues.

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Old 02-04-2008, 03:16 PM
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Julz518 Julz518 is offline
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This morning on the radio, the DJ was joking about having to claim his $25 office Superbowl pool winnings on his taxes, and it got me to thinking...

Are monetary wedding gifts taxable? Does it have to exceed a certain amount?

I guess it's just one of those things I never thought about before...
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Old 02-04-2008, 03:23 PM
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NovemberGal NovemberGal is offline
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Monetary gifts are not taxable until they are very large (think estate gifts left in wills).

Winnings ARE taxable--gambling, lottery, etc. That's what the DJ was referring to.
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Old 02-15-2008, 07:07 PM
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VenusElaine VenusElaine is offline
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The last time I checked, (and it may have changed), any monetary gift up to $10,000 in a calendar year is tax-free.

VenusElaine
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Old 02-15-2008, 07:43 PM
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You have to receive more than $10K from ONE person during a calendar year in order for the gift to be taxable. You could have 100 people each give you $10K, and they can all be considered non-taxable gifts.
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