Married couple, both earning, filling tax jointly. What's the best and legal way to share/transfer money between married couple bank accounts? We as a couple consider our money to be shared but how to let IRS know it? I am aware of the gift money being non-taxable. But everytime we transfer money, I don't want to file a form.
Open a joint account?
Joint fucking account. Or accounts at the same fucking bank. Then transfer money through a joint account. There’s no tucking gifts in family. It’s all one big fuvking pile
It's not a big deal to have joint checking accounts - just have both your names on the account. But it's also nice to have some discretion, so we each have our own checking account. Using direct deposit for our paychecks, we each deposit some amount to the joint accounts and our own accounts. We're in super-saver mode, so we just sweep out excess cash in the personal accounts every month, and move them into our joint savings account until we amass enough to move a bunch into a brokerage account. We were using credit cards - but to avoid the whole data brokering thing and the Visa network just knowing way too much about us; we switching to cash, virtual CC (privacy.com), and STOPPING BUYING CRAP. We each have our privacy.com accounts connected to our personal checking account.
You dont have to consider money between spouses a gift, nor do you consider money used or given to dependents a gift. Also Joint in my opinion is easiest, maybe a side checking or something each so you can buy surprises for each other occasionally.
we kept our own accounts from before but put all money into joint accounts since. IRS only needs to know both of your incomes combined if filing jointly, if filing separately nothing changes from when you were both single. would be a good idea to make joint accounts if you're transferring a lot of money back and forth. but money between spouses has no transfer limit anyway.
Banks only report interest payments to the government. If you deposit and withdraw a lot of cash, then that’s a no no. I’ve seen thousands of accounts. Probably the best setup- (actually, it really all depends on the relationship) is each person has their own individual account and both transfer to a join account to pay for shared expenses, taxes, kids, and savings.