Hello all,
I am writing this post to hopefully receive some advice regarding international money transfers that my family would like to execute.
Although my family is native to Ukraine, they currently reside in Russia. As you may already know, the economic state there is quite unstable right now. My parents would like to transfer money (below $90k this year) into my banking account in the United States from their European bank which is currently not sanctioned (however, they can't send more than $10k USD/day). Given all the uncertainty, we do not want to risk our family’s financial safety and livelihood, so I will act as a placeholder for the money.
I am no longer an international student in the US, I am a resident. I want to ensure that the aforementioned transactions account for all the legal, tax, and interest-related formalities. I plan to talk to a CPA in my area (still looking), but wanted to get some information here.
Here are my questions:
- Would these transactions cause any issues with the IRS? I know I would have to report them, of course.
- I will be receiving more than $16k this year, so I cannot claim the rest of the transfers as gifts. What would be my best strategy in receiving this money?
- Would it be better to create a trust instead to have the money transferred? Please share your recommendations.
Thank you!
