Any tax consequences to swapping accounts with my wife?

"Confused" wrote

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 limits that a swap might trigger, no?

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

(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 aliens each being limited to $139,000 of gifts to the other without creating gift tax problems.

The relevant gift tax law only deals with whether you are a US citizen 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.

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?

Perfect. Thanks.