my wife and i have seperate bank accounts, she has the mortgage payment automatically taken out of her account and i write her a check for half every month in her name to be deposited in her personal account, does she have to report this as income, she doesnt do that now but should she
2007-06-12 05:50:42 · 3 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
No, a transfer of funds between spouses isn't taxable, so she should not report it as income, if you're together. Alimony payments are taxable income and deductible for the payer, but not money going back and forth between spouses.
Could make sense for the two of you to file a joint return if you're filing separately now - would probably save you some money in total taxes.
2007-06-12 06:01:43 · answer #1 · answered by Judy 7 · 1⤊ 0⤋
Asolutely not. You're just reimbursing her. It's not income to her.
2007-06-12 05:54:29 · answer #2 · answered by Ronin 4 · 1⤊ 0⤋
no, unless you deduct it
2007-06-12 05:55:09 · answer #3 · answered by pops 6 · 0⤊ 3⤋