Do we have to pay gift tax on money given to us for our wedding and why? 6 Answers as of September 17, 2015

My father in law gave us $11,000 this year for our wedding. I read under IRC 2503 that gifts up to $10,000 are not taxed. Does this mean we have to pay taxes on this money?

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Mankus & Marchan, LTD
Mankus & Marchan, LTD | Tony Mankus
Money received as a gift is not taxable to the recipient.
Answer Applies to: Illinois
Replied: 9/17/2015
Musilli Brennan Associates PLLC
Musilli Brennan Associates PLLC | John F Brennan
You number is wrong, especially if the us is correct, you received $5500 each. The answer is no.
Answer Applies to: Michigan
Replied: 9/16/2015
Ronald K. Nims LLC | Ronald K. Nims
No, for three reasons. First, the annual gift tax exclusion in 2015 is $14,000. Second, the annual gift tax exclusion is by person, so the father-in-law is counted as giving 1/2 the gift to the husband and 1/2 to the wife (if the father-in-law is married then 1/2 the gift is treated as from his wife. So a married couple can give $56,000 to another married couple. Third, the gift tax is imposed on the donor not the recipient, so if there was a gift tax, the father-in-law would have to pay it. Not you.
Answer Applies to: Ohio
Replied: 9/16/2015
Andrew Gordon
Andrew Gordon | Andrew Gordon
In 2015 the annual gift exclusion is $14,000.
Answer Applies to: Illinois
Replied: 9/16/2015
The Schreiber Law Firm
The Schreiber Law Firm | Jeffrey D. Schreiber
First, the donor is responsible for the tax, not the donee. Second, there is a cost of living adjustment for Section 2503. The $10,000 limitation is outdated. For 2015 it is now $14,000.
Answer Applies to: California
Replied: 9/16/2015
    Vandervoort, Christ & Fisher, P.C. | James E. Reed
    Actually, gifts up to $14,000 are exempt from tax. Furthermore, because this was a gift to the 2 of you (presumably) the exemption amount would be $28,000 ($14,000 for each of you).
    Answer Applies to: Michigan
    Replied: 9/16/2015
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