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Does gift between husband and wife need reporting?

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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3 Replies

Does gift between husband and wife need reporting?

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

Does gift between husband and wife need reporting?

Does gift between husband and wife need reporting?

 

No, with limited exceptions.

 

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

evelynm
Employee Tax Expert

Does gift between husband and wife need reporting?

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)
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