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Level 2

Question

Does gift between husband and wife need reporting?

Forum|Forum|2 years ago
October 25, 2023
3 replies
34 views

We are filling our tax jointly, if we transfer funds in between our bank accounts, do we need to report them during tax filing? Is there a maximum amount allowed before we need to report?

Ask the Experts - Extension - Sept 2023

Level 15

Gifts from one spouse to the other spouse are not reported on a tax return.

Level 15

Does gift between husband and wife need reporting?

No, with limited exceptions.

See https://www.irs.gov/instructions/i709#en_US_2022_publink16784xd0e489

Employee Tax Expert

Employee Tax Expert

Hello:

Spouses can transfer an unlimited amount of money to one another and between accounts. No reporting needed. However; US banks are required to report transactions over $10,000 to the IRS just for your information.

Have an amazing day. Evelyn M (CPA 20+ years). I would love a thumbs up :) + Mark the post that answers your question by clicking on "Mark as Best Answer".