Tax Question About Wire Transfer From Other Country To Us?
I, my parents will send me some money trough wire transfer for a certain amount over 10000 USD from their home country. is there a tax problem with IRS or whatever, just wondering. thanks a lot
There are no tax issues so long as you can verify the source as a gift. That’s it.
End of story. No income ,gift or estate taxes.
If it is a gift there aren’t usually any reportable tax events…however there could be some estate tax issues.
But, there will be other government rules that you have to deal with.
Hope this helps