Q: Transferring large sums of money to US citizen spouse
Here is the situations. Husband and wife are both US residents. Husband is a Green Card holder, wife is a US Citizen. Do we need to file any tax form when the husband transfer large assets assets (e.g. money and stocks for $300K) to the US citizen wife? is it best to use a joint account or can the sums be transferred directly from the Green Card holder spouse to the US citizen spouse?
A: This question would be best answered by a tax expert so that they can advise you of any possible gift tax repercussions.
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