If i send money abroad to help a family member. The money will go in their bank account via wire transfer. Are there any tax implications or amount restrictions?

posted

Connect with an expert

1 Reply

If i send money abroad to help a family member. The money will go in their bank account via wire transfer. Are there any tax implications or amount restrictions?

From a tax standpoint only - if these are gifts to an individual and you are a US citizen or US resident you would only have to report the gift given if the amount is over $15,000 during the tax year.

The gift given would have to be reported on an IRS Form 709, not on a personal income tax return, Form 1040. TurboTax does not support Form 709.

Still have questions?

Questions are answered within a few hours on average.

Post a Question

*Must create login to post

Expert does your taxes

Do it yourself

Resources

Support

If i send money abroad to help a family member. The money will go in their bank account via wire transfer. Are there any tax implications or amount restrictions?

If i send money abroad to help a family member. The money will go in their bank account via wire transfer. Are there any tax implications or amount restrictions?

Unlock tailored help options in your account.

Get more help

Do you have a TurboTax Online account?

If i send money abroad to help a family member. The money will go in their bank account via wire transfer. Are there any tax implications or amount restrictions?

Do you have an Intuit account?

If i send money abroad to help a family member. The money will go in their bank account via wire transfer. Are there any tax implications or amount restrictions?

Unlock tailored help options in your account.

Get more help

Related Content

Thank you for helping us improve the TurboTax Community!

Sign in to Turbotax

File your taxes, your way

Access additional help, including our tax experts

Post your question

Connect with an expert