Message Font: Serif | Sans-Serif
 
No. of Recommendations: 0
I'm getting married in 2010. Do I have to worry about gift tax exclusions for the period that we are not married, or are we treated as married for the full year, with regards to gift tax exclusions? If I give her more than $13,000 before we are married, is that a reportable transaction?

Thanks!
William
Print the post Back To Top
No. of Recommendations: 1
I'm getting married in 2010. Do I have to worry about gift tax exclusions for the period that we are not married, or are we treated as married for the full year, with regards to gift tax exclusions? If I give her more than $13,000 before we are married, is that a reportable transaction?

I'm not an expert on gift tax by any means, but I love love. Congratulations. Now let's cut to the chase.

Are we talking about a ring? If so, I think in most states this is a gift in contemplation of marriage, meaning that if the wedding doesn't happen the ring goes back. That means that the gift is not completed until you're married, rendering your question moot.

OTOH, if we're talking about a $15,000 Victoria's Secret gift card, from my brief scan of the instructions for Form 709 it looks to me like timing could count. I didn't see anything definite one way or the other. Maybe one of the pros knows.

Phil
Rule Your Retirement Home Fool
Print the post Back To Top
No. of Recommendations: 0
Are we talking about a ring? If so, I think in most states this is a gift in contemplation of marriage, meaning that if the wedding doesn't happen the ring goes back. That means that the gift is not completed until you're married, rendering your question moot.


Nope, the ring already happened (gift tax didn't even factor my mind at the time, plus it's less than $13K.)

We just bought a car with financing. Car is in her name, we both signed the loan(that might be an important fact I left out). I recently got life insurance settlement proceeds and want to use that to pay off the loan.

So does the new fact that I am a cosigner of the note (but the car is in her name), change anything that you are aware of?

We might end up just making the payments until we are married and then pay it off then. The wedding is only a few months away, so we're only talking three payments at the most.

Thanks
William
Print the post Back To Top
Advertisement