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

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

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.

Thanks DoninGA!

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.