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Any tax consequences to swapping accounts with my wife?
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Confused
May 22, 2012, 11:34:00 PM5/22/12
to
My wife and I have accounts at Fidelity, and I have an account at Etrade. I want to move everything from her Fidelity account into my Fidelity account and move everything from my Etrade into a new account in her name at Etrade.
The companies say it is fine with them and there is no cost involved.
Are there any tax consequences? Nothing will be sold; just that some stuff that was mine will become hers and visa-verse.
I "think" that transfers between spouses don't have to be reported to the IRS, but don't really know.
Thanks
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The companies say it is fine with them and there is no cost involved.
Are there any tax consequences? Nothing will be sold; just that some stuff that was mine will become hers and visa-verse.
I "think" that transfers between spouses don't have to be reported to the IRS, but don't really know.
Thanks
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2011) - All rights reserved. >>
<< ------------------------------------------------------- >>
paulthomascpa
May 23, 2012, 8:51:45 AM5/23/12
to
"Confused" <*@lippman.info> wrote
> My wife and I have accounts at Fidelity, and I have an account at Etrade.
> I want to move everything from her Fidelity account into my Fidelity
> account and move everything from my Etrade into a new account in her name
> at Etrade.
>
> The companies say it is fine with them and there is no cost involved.
> Are there any tax consequences? Nothing will be sold; just that some
> stuff that was mine will become hers and visa-verse.
>
> I "think" that transfers between spouses don't have to be reported to the
> IRS, but don't really know.
As long as it doesn't involve "qualified" accounts, IRA's, etc. knock
> I want to move everything from her Fidelity account into my Fidelity
> account and move everything from my Etrade into a new account in her name
> at Etrade.
>
> The companies say it is fine with them and there is no cost involved.
> Are there any tax consequences? Nothing will be sold; just that some
> stuff that was mine will become hers and visa-verse.
>
> I "think" that transfers between spouses don't have to be reported to the
> IRS, but don't really know.
yourself out.
--
Paul Thomas, CPA
www.paulthomascpa.com
Watkinsville, Georgia
JoeTaxpayer
May 23, 2012, 9:41:19 AM5/23/12
to
On 5/23/12 8:51 AM, paulthomascpa wrote:
> "Confused"<*@lippman.info> wrote
>> My wife and I have accounts at Fidelity, and I have an account at Etrade.
>> I want to move everything from her Fidelity account into my Fidelity
>> account and move everything from my Etrade into a new account in her name
>> at Etrade.
>>
>> The companies say it is fine with them and there is no cost involved.
>> Are there any tax consequences? Nothing will be sold; just that some
>> stuff that was mine will become hers and visa-verse.
>>
>> I "think" that transfers between spouses don't have to be reported to the
>> IRS, but don't really know.
>
> As long as it doesn't involve "qualified" accounts, IRA's, etc. knock
> yourself out.
And the OP and Mrs are both US citizens. If one is not, there are gift
> "Confused"<*@lippman.info> wrote
>> My wife and I have accounts at Fidelity, and I have an account at Etrade.
>> I want to move everything from her Fidelity account into my Fidelity
>> account and move everything from my Etrade into a new account in her name
>> at Etrade.
>>
>> The companies say it is fine with them and there is no cost involved.
>> Are there any tax consequences? Nothing will be sold; just that some
>> stuff that was mine will become hers and visa-verse.
>>
>> I "think" that transfers between spouses don't have to be reported to the
>> IRS, but don't really know.
>
> As long as it doesn't involve "qualified" accounts, IRA's, etc. knock
> yourself out.
limits that a swap might trigger, no?
removeps-groups
May 23, 2012, 10:13:58 AM5/23/12
to
"Confused" <*@lippman.info> wrote in message
news:7ce76a37-1d6e-4b3d...@googlegroups.com...
> My wife and I have accounts at Fidelity, and I have an account at Etrade.
> I want to move everything from her Fidelity
> account into my Fidelity account and move everything from my Etrade into a
> new account in her name at Etrade.
Are both of you US citizens, or are both of you non-US citizens? If both
are US citizens then no limit. If one a US citizen and the other not then
BEGIN QUOTE http://www.irs.gov/irb/2011-45_IRB/ar13.html
(2) For calendar year 2012, the first $139,000 of gifts to a spouse who is
not a citizen of the United States (other than gifts of future interests in
property) are not included in the total amount of taxable gifts under §§
2503 and 2523(i)(2) made during that year.
END QUOTE
Now a gifts between two green card holders, I don't know if there is a
limit. Or gifts from an H-1B or other visa who elects to be taxed as a US
resident, not sure if there is a gift tax.
news:7ce76a37-1d6e-4b3d...@googlegroups.com...
> My wife and I have accounts at Fidelity, and I have an account at Etrade.
> I want to move everything from her Fidelity
> account into my Fidelity account and move everything from my Etrade into a
> new account in her name at Etrade.
are US citizens then no limit. If one a US citizen and the other not then
BEGIN QUOTE http://www.irs.gov/irb/2011-45_IRB/ar13.html
(2) For calendar year 2012, the first $139,000 of gifts to a spouse who is
not a citizen of the United States (other than gifts of future interests in
property) are not included in the total amount of taxable gifts under §§
2503 and 2523(i)(2) made during that year.
END QUOTE
Now a gifts between two green card holders, I don't know if there is a
limit. Or gifts from an H-1B or other visa who elects to be taxed as a US
resident, not sure if there is a gift tax.
Bill Brown
May 23, 2012, 11:46:14 AM5/23/12
to
On May 23, 10:13 am, "removeps-groups" <removeps-gro...@yahoo.com>
wrote:
> Are both of you US citizens, or are both of you non-US citizens? If both
> are US citizens then no limit. If one a US citizen and the other not then
>
> BEGIN QUOTEhttp://www.irs.gov/irb/2011-45_IRB/ar13.html
aliens each being limited to $139,000 of gifts to the other without
creating gift tax problems.
wrote:
> Are both of you US citizens, or are both of you non-US citizens? If both
> are US citizens then no limit. If one a US citizen and the other not then
>
>
> (2) For calendar year 2012, the first $139,000 of gifts to a spouse who is
> not a citizen of the United States (other than gifts of future interests in
> property) are not included in the total amount of taxable gifts under §§
> 2503 and 2523(i)(2) made during that year.
>
> END QUOTE
>
> Now a gifts between two green card holders, I don't know if there is a
> limit. Or gifts from an H-1B or other visa who elects to be taxed as a US
> resident, not sure if there is a gift tax.
>
Based on your quoted material only, I would see this as two resident
> (2) For calendar year 2012, the first $139,000 of gifts to a spouse who is
> not a citizen of the United States (other than gifts of future interests in
> property) are not included in the total amount of taxable gifts under §§
> 2503 and 2523(i)(2) made during that year.
>
> END QUOTE
>
> Now a gifts between two green card holders, I don't know if there is a
> limit. Or gifts from an H-1B or other visa who elects to be taxed as a US
> resident, not sure if there is a gift tax.
>
aliens each being limited to $139,000 of gifts to the other without
creating gift tax problems.
Alan
May 23, 2012, 1:57:41 PM5/23/12
to
On 5/23/12 8:13 AM, removeps-groups wrote:
> "Confused"<*@lippman.info> wrote in message
> news:7ce76a37-1d6e-4b3d...@googlegroups.com...
>
>> My wife and I have accounts at Fidelity, and I have an account at Etrade.
>> I want to move everything from her Fidelity
>> account into my Fidelity account and move everything from my Etrade into a
>> new account in her name at Etrade.
>
> Are both of you US citizens, or are both of you non-US citizens? If both
> are US citizens then no limit. If one a US citizen and the other not then
>
> BEGIN QUOTE http://www.irs.gov/irb/2011-45_IRB/ar13.html
>
> (2) For calendar year 2012, the first $139,000 of gifts to a spouse who is
> not a citizen of the United States (other than gifts of future interests in
> property) are not included in the total amount of taxable gifts under §§
> 2503 and 2523(i)(2) made during that year.
>
> END QUOTE
>
> Now a gifts between two green card holders, I don't know if there is a
> limit. Or gifts from an H-1B or other visa who elects to be taxed as a US
> resident, not sure if there is a gift tax.
>
The relevant gift tax law only deals with whether you are a US citizen
> "Confused"<*@lippman.info> wrote in message
> news:7ce76a37-1d6e-4b3d...@googlegroups.com...
>
>> My wife and I have accounts at Fidelity, and I have an account at Etrade.
>> I want to move everything from her Fidelity
>> account into my Fidelity account and move everything from my Etrade into a
>> new account in her name at Etrade.
>
> Are both of you US citizens, or are both of you non-US citizens? If both
> are US citizens then no limit. If one a US citizen and the other not then
>
> BEGIN QUOTE http://www.irs.gov/irb/2011-45_IRB/ar13.html
>
> (2) For calendar year 2012, the first $139,000 of gifts to a spouse who is
> not a citizen of the United States (other than gifts of future interests in
> property) are not included in the total amount of taxable gifts under §§
> 2503 and 2523(i)(2) made during that year.
>
> END QUOTE
>
> Now a gifts between two green card holders, I don't know if there is a
> limit. Or gifts from an H-1B or other visa who elects to be taxed as a US
> resident, not sure if there is a gift tax.
>
or not. And, if not a US citizen, whether you are a foreign citizen
domiciled in the US or not. The law does not concern itself with your
tax status as a resident alien or nonresident alien.
So, if one of the spouses happens to be a foreign citizen domiciled in
the US, then the $139,000 gift tax limit is applicable. This is true
even if the spouse is a resident alien of the US for income tax
purposes. If that spouse was not domiciled in the US, then gifts between
the spouses would be unlimited, as the law would treat the nondomiciled
foreign spouse the same way it treats a US citizen.
Note, that for reporting gifts received in excess of $100,000 on Form
3520, only a gift from a nonresident alien in excess of $100,000 would
have to be reported. A gift from a resident alien in excess of $100,000
would not have to be reported.
--
Alan
http://taxtopics.net
Arthur Kamlet
May 23, 2012, 3:08:49 PM5/23/12
to
Wondering if you can give away a loss to a spouse?
If you tried to give away a loss to a nonspouse, it
wouldn't work because the property assumes a dual basis,
which at time of sale prevents giving away a loss.
If Spouse H holds stock at a loss can it be given to
Spouse W with original basis?
If not, then there could be consequences for giving
stock to sposue?
--
ArtKamlet at a o l dot c o m Columbus OH K2PZH
Alan
May 23, 2012, 4:20:28 PM5/23/12
to
On 5/23/12 1:08 PM, Arthur Kamlet wrote:
> Wondering if you can give away a loss to a spouse?
>
>
> If you tried to give away a loss to a nonspouse, it
> wouldn't work because the property assumes a dual basis,
> which at time of sale prevents giving away a loss.
>
>
> If Spouse H holds stock at a loss can it be given to
> Spouse W with original basis?
>
>
> If not, then there could be consequences for giving
> stock to sposue?
>
http://www.fairmark.com/capgain/basis/spouse.htm
> Wondering if you can give away a loss to a spouse?
>
>
> If you tried to give away a loss to a nonspouse, it
> wouldn't work because the property assumes a dual basis,
> which at time of sale prevents giving away a loss.
>
>
> If Spouse H holds stock at a loss can it be given to
> Spouse W with original basis?
>
>
> If not, then there could be consequences for giving
> stock to sposue?
>
--
Alan
http://taxtopics.net
Arthur Kamlet
May 23, 2012, 6:27:46 PM5/23/12
to
In article <jpjgq1$e44$1...@dont-email.me>,
Alan <temp...@vacationmail.com> wrote:
>On 5/23/12 1:08 PM, Arthur Kamlet wrote:
>> Wondering if you can give away a loss to a spouse?
>>
>>
>> If you tried to give away a loss to a nonspouse, it
>> wouldn't work because the property assumes a dual basis,
>> which at time of sale prevents giving away a loss.
>>
>>
>> If Spouse H holds stock at a loss can it be given to
>> Spouse W with original basis?
>>
>>
>> If not, then there could be consequences for giving
>> stock to sposue?
>>
>http://www.fairmark.com/capgain/basis/spouse.htm
Perfect. Thanks.
>On 5/23/12 1:08 PM, Arthur Kamlet wrote:
>> Wondering if you can give away a loss to a spouse?
>>
>>
>> If you tried to give away a loss to a nonspouse, it
>> wouldn't work because the property assumes a dual basis,
>> which at time of sale prevents giving away a loss.
>>
>>
>> If Spouse H holds stock at a loss can it be given to
>> Spouse W with original basis?
>>
>>
>> If not, then there could be consequences for giving
>> stock to sposue?
>>
>http://www.fairmark.com/capgain/basis/spouse.htm
--
ArtKamlet at a o l dot c o m Columbus OH K2PZH
ArtKamlet at a o l dot c o m Columbus OH K2PZH
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