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If my wife puts inherited money into our joint account, is it subject to a gift tax?

El Dorado Hills, CA |

The amount of the inheritance exceeds the statutory annual limit for gift tax exemption.

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Attorney answers 3

Posted

The annual limit is irrellevant. You can give as much as you want to your spouse without incurring gift tax.

Asker

Posted

Whew! It's a load off my mind. Thanks!

Posted

Mr. Wagner is exactly correct

The information provided in this answer does not create an attorney-client relationship and is not considered to be legal advice. Mr. Leroi answers questions on Avvo because he strongly believes in public service from his years as a judge, magistrate, and prosecutor. If you need to ask any follow up questions because my answer did not fully address your question, feel free to call Chris or post an additional question. Thank you.

Posted

It is correct that the law provides that if your spouse is a U.S. citizen, then you can give any amount to your spouse without incurring any federal gift tax as long as the gift is of a present interest due to the unlimited marital deduction. However, it should be noted that if the receiving spouse isn't a U.S. citizen, then there is an annual exclusion limit for gifts of a present interest made to the noncitizen spouse.

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