Cash gift recieved from foreign person. Money wired into a joint acct owned by Spouse+me.

Forum|Forum|5 years ago
March 15, 2021
2 replies
18 views

I received a cash gift from abroad into a joint account above the threshold amount. The money came into a joint account owned by me and my spouse. The details on the sender bank side clearly specify the gift is to me. But on the US bank side, the description does not mention who the gift is for. The gift was sent to me and so I understand that I should report the full amount on my 3520. Since this is a joint account, will IRS have any questions as to why I did not file 3520 for my spouse.

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pk_

Level 15

@vikramr2k , since this is not a tax event, all that is required is to recognize that a gift has been received from a foreign person -- whether it was deposited in a joint account or in a personal account is not material. Besides you probably file a joint return anyways.

Namaste ji