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

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vasu123
Posts: 234
Joined: Thu Jul 23, 2015 6:34 pm

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

Post by vasu123 »

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
Posts: 11421
Joined: Tue Dec 19, 2006 9:12 pm

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

Post by Desi »

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
Posts: 234
Joined: Thu Jul 23, 2015 6:34 pm

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

Post by vasu123 »

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
Posts: 4100
Joined: Wed Jan 17, 2007 8:59 pm

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

Post by dbs »

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
Posts: 1768
Joined: Sat Dec 30, 2006 1:31 am

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

Post by Hyderabadi »

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
Posts: 3928
Joined: Tue Jan 30, 2007 10:35 am

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

Post by layman »

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
Posts: 472
Joined: Mon Jan 19, 2009 10:17 pm

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

Post by FB2020 »

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 !!
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