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Do I need to show proof for gift from parents?
My parents live overseas and they want to gift me some tens of thousands of dollars. The money might not come directly from their account, heck we might even use cryptocurrencies to move the money easily.
Since this is gift from my parents, it should be tax-free.
At the time of filing my taxes, or later if IRS audits me, what kind of documents do I need to provide? I want to make sure I get those documents now at the time of moving the money, or avoid any form of moving that is not acceptable by the IRS.
‎November 16, 2022
2:54 PM