My wife and I file jointly, but we have separate bank accounts. Is there any penalty or gift tax if I pay off her loan balance of $32,000?

My plan is to sign into her loan website and pay directly with my bank account info.

posted

Connect with an expert

1 Reply

My wife and I file jointly, but we have separate bank accounts. Is there any penalty or gift tax if I pay off her loan balance of $32,000?

No. Spouses can give each other unlimited cash gifts.

Still have questions?