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Get your taxes done using TurboTax
@ZHENGFEIPENG99 wrote:
IS MONEY FROM MY SPOUSE CONSIDERED TO BE A GIFE ?
Yes, it is a gift, but gifts between spouses are not subject to gift tax. That has nothing to do with form 5320 which applies to any foreign transfer of funds over the limit whether a spouse or not.
The purpose of the form is to track large sums of foreign money entering the US.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
‎September 7, 2021
12:04 PM