I understand that cash gifts to my wife are not taxable; however, if I gift my wife $100,000 with cash from under my mattress, do I have to report it to the IRS?

Forum|Forum|2 years ago
July 14, 2023
1 reply
1 view

I don't have this money in a bank account, it is pure cash in a safe. Are there rules against gifting "actual cash"?

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DoninGA

Level 15

Cash gifts to a spouse are not reported on a tax return or on a Form 709 as long as your spouse is a US citizen.

dhuber24Author

Level 4

So I take my wife to the bank with $100k in cash, deposit it, and the bank won't send anything to the IRS simply because I told them it's from me?

rjs

Level 15

The bank has to report any cash transaction over $10,000, no matter who it's from. But that doesn't make the gift taxable, and it doesn't mean you have to report it on your tax return.

I understand that cash gifts to my wife are not taxable; however, if I gift my wife $100,000 with cash from under my mattress, do I have to report it to the IRS?

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