Should wedding gifts be declared

Celebrating a wedding means thinking about many things. Dresses, banquet, estate, photographers, guests…There is something that few brides and grooms think about, but that with the law in hand they should also take into account: Treasury. Strictly speaking, the gifts you receive both before and on the day of your wedding are considered donations , since they are transfers of goods free of charge and inter vivos. Furthermore, in this regard, it should be noted that in Spain there is no set minimum limit that is exempt from declaring . By law, there is an obligation to declare wedding gifts to the Treasury, although in many cases the reality is different. Few bride and groom declare the gifts received due to their change of marital status.

Wedding gifts must be declared

These are money, either in cash, by transfer and other objects that, according to Spanish regulations, should be declared as a donation in the Inheritance and Donation Tax. This is so, mainly, because the Tax Agency does not pursue these movements, since they are of a low amount. Although if you have very generous guests and their gifts are of a very high Canada Phone Number Data amount, you should be careful because it can make the Treasury suspicious, as with loans from parents to children . There is a certain amount for which banks report the movement to the Tax Agency. These are cash deposits exceeding €3,000 or deposits of €500 bills, regardless of the number. In these cases, the banking entity will inform the Treasury of the account holders that receive the income.

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The Treasury has up to four years to ask you about that money

Also about the people who do it and the amount of the movement. You may be interested in: Weddings, baptisms and communions, not without a contract! Money “in hand” or transfer It is common for guests to decide to give what is known as a “gala” or “doughnut” (depending on the location) in hand on the same day of the wedding. These amounts Albania Phone Number List can amount to a significant amount with which to be cautious. The transfers, being of not very high amounts, usually go unnoticed by the Tax Agency. It could even be considered more beneficial than delivering the famous envelope, since with the transfer the origin of that money in the account is recorded.

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