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Get your taxes done using TurboTax
@charlieincharge78 wrote:
assuming that was done, they can just wire back the whole amount in one large sum without incident and don't have to do anything tricky like sending smaller amounts?
Technically, that would be considered a gift from your parents to you (or the repayment of a below-market rate loan - where there would be imputed interest).
Your parents could wire $30,000 this year (2020), another $30,000 next year, and then the balance the following year without filing a Form 709 with the IRS. However, if you have a spouse and/or children, your parents could each wire you, and your spouse and child or children, $15,000 without filing anything with the IRS.
‎October 24, 2020
8:33 AM
850 Views