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?
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Gifts from one spouse to the other spouse are not reported on a tax return.
Does gift between husband and wife need reporting?
No, with limited exceptions.
See https://www.irs.gov/instructions/i709#en_US_2022_publink16784xd0e489
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.
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