Unemployed and No income, Can I start trading using spouse money?

[skr235]

Hi All,

I'm on Dependent Visa and recently got SSN. I'm yet to start working and hence don't have any source of income. Can I start trading in stocks by taking some money from spouse? Should this be shown in some tax forms or since we file as married and filing jointly, I can use my spouse money without any tax complexities?

Thanks,

skr

[Mike9241]

will you be required to repay the amount your spouse gives you? is your spouse a US citizen? 

if you will be required to repay it isn't a gift.  so there would be no forms for either of you to file.  on the other hand if not and your spouse is a US citizen see may have to file a gift tax return.

there are no income tax consequences to the transfer of money.

see this link

https://aronsonllc.com/can-i-give-a-tax-free-gift-to-my-non-u-s-citizen-spouse/ 

[skr235]

Hi,

Me and my husband both are not US citizens but staying in USA on H4/H1B visa. 

Thanks

skr

[skr235]

I and my husband both are not US citizens but staying in the USA on H4/H1B visa.  I don't need to return the money or can return the money if that helps to avoid unnecessary taxes. 

[ThomasM125]

If you live in a community property state, you own your money jointly typically, so there would be no gift tax issues. If not, your spouse can give you up to $15,000 per year without having to pay a gift tax.

Here is an article about community property states:

https://www.investopedia.com/personal-finance/which-states-are-community-property-states/