You don’t report in a tax year if you dont exceed the legal cap for that year. 15k per parent to a child, in this case. That’s 30k per parent couple. Then the Sil. We’re all saying this. And OP says they won’t be gifting 60k.
Say in 2018 they gave 30k to son for loans and gave D 35k. That exceeds the cap in 2018.
Sorry, BB is right that it is $11M to all heirs and it is from both parents.
I think I have this correct…you parents can each give the bride $15,000 and the groom $15,000 in a tax year without filing anything. So…if you did this in 2018, you can now do it again in 2019.
So…$60,000 ($15,000 from mom to bride, 15,000 from dad to bride, $15,000 from mom to groom, $15,000 from dad to groom) in one tax year.
@lookingforward is that correct?
^yes, @thumper1 that is correct.
Another way to address this is to gift at the end of one year and again at the beginning of the next year.
I think that DIL’s parents gifted $ to her other sibling, who then turned around and gifted to her. This was another way of gifting more $ to the target recipient without paying a gift tax.
@VeryHappy it sounds like a beautiful wedding.
My D received her bridesmaid dress from Birdy grey. I think all the dresses are $99. She tried it on and it is really long but it’s nicely made. I’m pretty impressed for the price point.
The bride finally went and tried on her dress. It fits! She keep putting it off as she was scared it would not fit.
As far as gift taxes and wedding expenses for both my S and my D I’ve made a point of paying the venders direct. With my D I’ve had most of the contracts made out in my name.
Did you give the couple more than $60,000 in 2018 ($30,000 each…)?
If so…complete the form. You don’t pay taxes NOW at all on these gifts…but if you gift more than $11 million to your heirs before you die…you will need to.
Do you think that will be the case?
No, we did not in 2018. We did not give any to FDIL in either 2018 or 2019. We heard her parents would give her but we do not know how much and we do not want to know (not our business to be nosy about it.）It is likely her parents could not be actively involved in the planning aspects of the wedding either because of the distance. (> 10,000 miles.)
In 2018, we did give DS more than $30,000 from both of us (parents.) The majority of the gifts is for the student loans payment rather than for the wedding expenses. Thus we think we need to file IRS Form 709 for the 2018 tax year.
We need not file the Form 709 for the 2019 tax year.
Thanks for the inputs.
Correction: 10,000 kilometers, not miles. Still, it is like 17+ hours flight time.
dress codes: it seems to me that the ladies often like to be dressier than the gentlemen (obviously not true of each individual)…I wish we could have cocktail attire for the men so they could wear light-colored suits to a summer wedding but have the ladies allowed to get fancier, like wear a long dress if they like. If we go with black-tie optional, do the men all really need to wear dark suits rather than light ones?
Lol, maybe not specify Black Tie at all, even optional.
Is it common for people to specify dress codes? My daughter and her husband didn’t, yet most people showed up at their brunch wedding in similar clothes – jackets and ties (not tuxes) for the men, dresses (mostly short) for the women.
D1 was very specific with the dress codes. It was formal, but no tuxes (a bit strange I know). Almost all men showed up with dark suits and many ladies in long dresses.
interesting, @oldfort! Why did she say no tuxes? And did she just put “formal, no tuxes” on the invitation or information card?
I have thought about just not specifying…which I think would mean no tuxedoes. I’m not sure if the young couple is thinking some of their friends would want to wear tuxes.
I am not sure if it was in the invitation. She had a paragraph on her wedding website about dress code for various events we hosted.
She didn’t want men to wear tuxes because she didn’t want them to look like the waiters (no joke). Her wedding was in early Jun, so she also didn’t want ladies to show up with sundresses either.
That might be “cocktail attire.” Some of that apparently can vary by region and season. But dark or grey sits for men and allows for long dresses if women wish. I do think it’s probably clearer to put a few words on the wedding site.
I don’t know anyone in my circle of family or friends who has put a dress code on a wedding invitation. To be honest, I don’t think D or SIL would have cared what people wore - but everyone was jean-free, wife beater-free and Croc-free just the same.
D is going to put cocktail attire on her website, not on the invite. They are having a late afternoon wedding, evening reception and she does not want any friends in jeans or shorts (a possibility with some of the men).
Attended a wedding last year and dress code was on the website details (which formal engraved invitation directed all to…)
Garden party formal, black tie optional.
Part of reason for listing dress code was that fall wedding was in a vineyard in Napa Valley. They gave a heads up that spiky heels may not be the best choice…and that ladies may want a wrap as the wedding/dinner/reception were in the evening and the wine country cools off quickly. Another reason was there were people from 6 continents/12 countries attending. Many were unsure of weather. And what is acceptable wedding attire in some countries is not same in others. Essentially, the couple was trying their best to make sure all felt comfortable/no awkwardness.
Recently the only wedding invitation I’ve received that had a dress code was due to the venue. The country club did not allow jeans. So the invitation said ‘no jeans’.
Most people know how to dress appropriately without having to be told.
Sadly, some techies don’t. 