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Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 29535
Experience:  Taxes, Immigration, Labor Relations
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I want to send money to my wife, who is currently living in

Customer Question

I want to send money to my wife, who is currently living in South Korea, and was wondering if there is a limit on how much I can send before I am taxed. I want to send quite a large amount (over $75,000). I heard that in the USA there is no limit between spouses but since she is living abroad now, I wanted to be sure.
We share the bank account that I am sending from, if that makes any difference.
Thanks so much. Looking forward to your help!
Nick
Submitted: 1 year ago.
Category: Tax
Expert:  Lev replied 1 year ago.
Hi Nick and welcome to our site!if your spouse is US citizen - there is no limit - and assuming that is a gift between spouses - there will not be any income or gift tax consequences.If your spouse is NOT an US citizen - there is the threshold for gift tax purposes. For gifts made to spouses who are not U.S. citizens, the annual exclusion has been increased to $147,000.So far - your amount is still within the threshold - and there will not be any tax consequences..Another issue that the money will be in the foreign bank account - and will be subject to FBAR reporting and possible reporting on form 8938 with your tax return.Let me know if any clarification needed.
Expert:  Lev replied 1 year ago.
So far - your amount is still within the threshold - and there will not be any tax consequences..Another issue that the money will be in the foreign bank account - and will be subject to FBAR reporting and possible reporting on form 8938 with your tax return.Let me know if any clarification needed.