Do I need to report gift tax if I give the money back?

[470167462a]

My wife and I are both resident alien. She transferred 200K to my account for personal reasons, and I gave the money back after 2 month. In this case, do I have report the gift tax? 

[DoninGA]

A transfer of funds between spouses is not a gift and is not reported on a tax return.

[Anonymous_]

You exceeded the $155,000 exclusion so, technically, you have to file a Form 709 since your spouse is not a U.S. citizen (unless an exception is applicable).

See https://www.irs.gov/instructions/i709#idm140554828329328

A gift is essentially complete when the donor transfers property to the donee with donative intent and relinquishes all dominion and control over the property.

[470167462a]

Thanks DoninGA!

[470167462a]

Hi Tagteam, thanks for replying. I saw the requirement and annual limit $155,000 as a gift to non-resident alien. But what if the transactions between me and her happened in one calendar year, basically there is no net money flow between us.