Husband owns stock worth $100,000 with cost basis of $50,000. Moves it from an individual account to joint with wife, tenants by the entirety. Does this generate capital gains taxes?
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14 years ago
Interspousal Transfer
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14 years ago
No. Gifts or transfers between spouses are not taxable.
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14 years ago
Gifts between spouses are subject to the gift tax if the recipient is a non US citizen and the gift is over 133k for 2009.
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14 years ago
Can you give your non-citizen spouse $133K each year? Understanding that this excluded amount might change as Congress monkeys with the laws?
This is not entirely academic. I'm considering marrying a Canadian citizen.
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in 2010 it's$134K. In the future this can change of course.
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14 years ago
Right now the rule is that the 134k is adjusted each year for inflation. If the CPI index is negative, it might decrease, although I don't know the mechanics -- for example if CPI is negative security benefits don't decrease. Of course, the whole law can change in the future.