Tax on cash wedding gifts from guests

cojomo2

Apologies if this has been cover before, but if a couple receive cash wedding gifts from all wedding guest totalling say 10k, is there any tax liability?

I assume eyebrows would be raised when lodging such a large cash amount in your account? Do you just declare it as a gift?


Thanks

Sleeper12

You are allowed up to 3k tax free from each person. Your partner /spouse is allowed up to 3k from the same guests.

SandyMac1234

Is this a rule that covers other celebrations like birthday or christenings?

SureYWouldntYa

Each person can gift you €3k tax free per annum so it's unlikely any wedding gift will touch that

It's the same for any occasion or just by someone who wants to be generous any time of the year, makes no difference the occasion

Stratvs

Small gift exemption

https://www.revenue.ie/en/gains-gifts-and-inheritance/cat-exemptions/small-gift-exemption/index.aspx

Also for interest :

https://www.revenue.ie/en/gains-gifts-and-inheritance/documents/cat-treatment-receipts-by-children.pdf

If a parent pays for the function, that is treated as an expense of the parent as a family occasion and is not considered a gift for CAT purposes.

893bet

Technically would it need to be formally declared?

Stratvs

893bet wrote: »

Technically would it need to be formally declared?

Unless cumulative taxable gifts/inheritances from the same class of donor exceed 80% of the relevant CAT threshold then no.

Jeff2

893bet wrote: »

Technically would it need to be formally declared?

I'd love to know it the people giving the money could claim it tax back for giving it.

Atlantic Dawn

Ffs, next you will be taxed on your communion money.

wally1990

Lad I'm an accountant and hate to say this

FFS

Enjoy your wedding and don't be thinking about tax on gifts like this .

Disclaimer
If revenue ask, I'm not an accountant and just a random internet idiot

More importantly

Enjoy the wedding !!

Peregrinus

Jeff2 wrote: »

I'd love to know it the people giving the money could claim it tax back for giving it.

No.

Peregrinus

Atlantic Dawn wrote: »

Ffs, next you will be taxed on your communion money.

You will, in the unlikely event that any one person gives you more than 3k for your communion, and the total of all your communion gifts exceeds the CAT threshhold.

Until that fairly unlikely event occurs, however, I'd stick to worrying about real-world problems.

Victor

893bet wrote: »

Technically would it need to be formally declared?

Stratvs wrote: »

Unless cumulative taxable gifts/inheritances from the same class of donor exceed 80% of the relevant CAT threshold then no.

Eyebrows may be raised if the gifts seem, eh, gratuitous. Your bank may also ask if lodging large sums of money.

Jeff2 wrote: »

I'd love to know it the people giving the money could claim it tax back for giving it.

You want both sides of the transaction to be tax free? The taxpayer paying for your wedding gifts?

Sonny noggs

Atlantic Dawn wrote: »

Ffs, next you will be taxed on your communion money.

There should be a 105% punative tax on unspent communion money, to ‘encourage’ people to spend it.

Stratvs

Victor wrote: »

Eyebrows may be raised if the gifts seem, eh, gratuitous. Your bank may also ask if lodging large sums of money.

They're wedding gifts hardly gratuitous given that the majority of wedding gifts are now in the form of cash/cheque.

Absolutely, the bank may ask, and the depositor can explain. They will complete any required documentation, have it signed and file it away. End of story.
Alternatively start showing the bank staff photos of great-uncle Frank doing YMCA with a pint in each hand at 2am and that'd soon shut them up