You'll have to ask your bank or whatever service (western union maybe?) if they have a limit. Now for tax purposes, if this is a loan that you are NOT charging interest on, you have nothing to report, since it will be *presumably* paid back.
However, if you are *giving* it to the friend as a gift that never has to be paid back, then any gifts of more than $14K given in a tax year require the giver of said gift to file a gift tax return with the IRS. There will be no taxes paid on it. But the filing is still required. TurboTax does not deal with the gift tax return at all. You'll have to see a CPA for that.
For the recipient of a gift, they report absolutely nothing to anybody. Any reporting requirements are on the giver of the gift - not the recipient.
