If you cancel?

[jpg7n16]

Well I know if someone gives a fiance a 30k engagement ring, they are liable for gift taxes.

Which means that a ring of any size is legally a gift.

But I think this is more of a personal judgement here. My opinion would be that if the guy breaks it off, girl keeps ring. If she breaks it off, she gives it back.

But again, that's only my opinion. Legally the ring is hers, and she can do whatever she wants to with it.

[PetMom]

One can learn something new here all the time:

a 30k engagement ring (which, with my reference point - by choice - is totally out of my league) a person is liable for gift taxes?

The IRS can come in on wedding expenses now or is it more if the wedding is called off then it is considered a gift and therefor taxed. Interesting point.

But what about the expenses the bride incurs, the dress (as in this case); other expenses: reception hall, band, the gifts for the bridesmaids... all which are commonly done beforehand and then the wedding has been known to be called off the very day of the wedding.

With the high costs of weddings a lot of money is getting paid out before the actual event. Even the groom with a prepaid romantic honeymoon for him and her - is the portion the would be bride does not use considered a gift to her also?

Maybe a whole new area of law and taxes have entered into big budget called off weddings.

[jpg7n16]

One can learn something new here all the time:

a 30k engagement ring (which, with my reference point - by choice - is totally out of my league) a person is liable for gift taxes?

The IRS can come in on wedding expenses now or is it more if the wedding is called off then it is considered a gift and therefor taxed. Interesting point.

But what about the expenses the bride incurs, the dress (as in this case); other expenses: reception hall, band, the gifts for the bridesmaids... all which are commonly done beforehand and then the wedding has been known to be called off the very day of the wedding.

With the high costs of weddings a lot of money is getting paid out before the actual event. Even the groom with a prepaid romantic honeymoon for him and her - is the portion the would be bride does not use considered a gift to her also?

Maybe a whole new area of law and taxes have entered into big budget called off weddings.

Yup - well more specifically, maybe . See http://som.csudh.edu/depts/accountin...s/tn112497.PDF - top of page 5. Seems it depends on the state.

I'm not 100% sure how all the wedding expense stuff works. But see top right of page 6. Shows that hosting a wedding is considered a completed gift, and therefore may be taxable.

(The report mentions $10,000, which was the annual exclusion at the time. It's now 13,000 and will likely change each/every other year)