Money Transfer(or writing check) to Spouse US bank account-Married Joint Filing

vasu123 · Post by **vasu123** » Mon Jan 29, 2018 6:38 am

Hi All,
If i write $30k check from my usa bank account to my spouse usa bank account, will it be treated as gift? If it is treated as gift then should i report while we filing taxes? Is there any limit without any Tax. Me and wife has separate individual bank accounts.
I work and wife is homemaker currently. We both are Tax residents in usa (on work visa). We have been filing our taxes as married joint filing. Please let me know about writing check to spouse and how it is treated and should we report in tax filing or pay any tax on it. Thanks.

Desi · Post by **Desi** » Mon Jan 29, 2018 8:55 am

You do not have to pay any tax in USA and you do not have to report it in tax filing or in any other way to USA and neither does your spouse.

vasu123 · Post by **vasu123** » Tue Jan 30, 2018 9:02 am

Desi;669839You do not have to pay any tax in USA and you do not have to report it in tax filing or in any other way to USA and neither does your spouse.

Thank you sir. On check memo (bottom left), should i write Gift or nothing as purpose? Assuming no amount limit for this.

dbs · Post by **dbs** » Tue Jan 30, 2018 9:08 pm

vasu123;669877Thank you sir. On check memo (bottom left), should i write Gift or nothing as purpose? Assuming no amount limit for this.

Just write - "Thanks for agreeing to marry me and living with me so long!"

Hyderabadi · Post by **Hyderabadi** » Tue Jan 30, 2018 9:18 pm

vasu123;669836Hi All,
If i write $30k check from my usa bank account to my spouse usa bank account, will it be treated as gift? If it is treated as gift then should i report while we filing taxes? Is there any limit without any Tax. Me and wife has separate individual bank accounts.
I work and wife is homemaker currently. We both are Tax residents in usa (on work visa). We have been filing our taxes as married joint filing. Please let me know about writing check to spouse and how it is treated and should we report in tax filing or pay any tax on it. Thanks.

One of the benefits of a marriage is transferring wealth between spouses without tax consequences. Also the reasons why LGBT want a marriage.

layman · Post by **layman** » Tue Jan 30, 2018 11:22 pm

vasu123;669877Thank you sir. On check memo (bottom left), should i write Gift or nothing as purpose? Assuming no amount limit for this.

I don't understand. You are filing taxes joint... meaning you and your wife together are having the income specified in the returns. If you two transfer among each other why would IRS care? For them you and your wife together are a single entity as far as tax is concerned. Are you planning to transfer money greater than what you have declared to IRS.

FB2020 · Post by **FB2020** » Wed Jan 31, 2018 1:17 am

dbs;669897Just write - "Thanks for agreeing to marry me and living with me so long!"

AND... please stay with me for the rest of our lives, and here's a 30K for it !!