sngj
Level 1

Gift from spouse towards mortgage down payment

I am receiving gift of $140,000 from my wife for down payment on my mortgage. We are taking mortgage with only me as a borrower to get better interest rate. Does my wife need to file gift tax return? 

I have read many docs online saying spouse gifts doesn't need to be declared. Although we both are on work visa in the US but we are residents for tax purposes, so not sure same gift tax rules apply. Please help!