Reporting Requirement of Gifts above Annual Limit in case of non-spouse joint donors
I am a US Green Card holder in the US and currently hold a savings account with a bank in Singapore. The account is held jointly with my mother who is a ''Non-Resident Not a US Citizen''. In Feb 2022, I received a Wire Transfer amount of USD 25,000 in that Singapore account. I then transferred the sum of USD 25,000 from my Singapore joint account to my US Bank account in Chicago which is held in my name jointly with my father ( who is Non-Resident, not a US citizen). Subsequently, in the same year, I withdrew the money from the US Bank Account. Question: a) Given that I am a holder in both the remitting account (Singapore) and receiving account (USA), I believe I am both the donor and donee, and hence the wire transfer is not considered a gift. Is this assessment correct or b) If the wire transfer is considered a Gift, then am I required to file a Gift Tax Return (Form 709) and also include this amount in the Tax for 2022 given that the sum of USD 25,000 is greater than the Annual Limit of USD 16,000, Or c) Given that the transfer is happening from a joint account, the gift amount attributable to me is only half of USD 25,000 i.e. USD 12,500. Since my share of USD 12,500 is less than the Annual Limit of USD 16,000, there is no gift tax reporting liability on my side To clarify further, the aggregate amount of funds I received from Non-Resident Alien during the 2022 tax year is less than USD 100,000 so there is no requirement to report under Form 3520
