Hello Spino,
Thank you so much for your prompt reply and compassion – my family and I really appreciate your response. It is quite stressful being so far away from them at this challenging time.
You mentioned that, as a US resident, I would be subject to gift transfer rules as the legal owner of the money. Would this apply to the full amount or only a portion ($16k) of it?
"Since the IRS taxes individuals, not families, receiving money is not a reportable event. However, once you have the money, you will be liable for any income it generates." I do not plan on investing or using said money unless my family grants me permission to do otherwise.
However, the transfers of $10k/month could get reported to IRS by my bank, correct? How do I prepare to handle this situation? If it gets reported, which documentation would I have to provide to prove that this money is not my income?
Thank you once again for your help!
