![]() This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). Don’t let the tax-side of weddings ruin your big day, just be wary of it in the planning stages.Īdvertiser Disclosure: The offers that appear on this site are from companies from which MoneyUnder30 receives compensation. When you’re planning for your wedding, it’s important to be conscientious of how taxes might impact your decisions. So depending on the kind of wedding you’re having and how much help you’re getting, your gifters may or may not have to pay taxes. If they’re fully covering the wedding and your celebration ends up costing more than this, they’ll only pay taxes on the amount that exceeds the exclusion limit. This means that if you’re getting help from two parents - or grandparents, or relatives, or just really good friends - they could split the costs between them and exclude up to $34,000 in costs. In 2023, the annual exclusion per taxpayer for gifts is $17,000 (up from $16,000 in 2022). Since they can split the gift between themselves as givers as well as split the gift between you and your future spouse as receivers, they can give a pretty significant amount before they’ll be hit with the gift tax. ![]() Luckily, the thresholds for gift taxes are fairly high, so depending on how much they contribute, they might be able to get away without paying taxes. ![]()
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