Thanks for all the info here.
I have a similar situation where my parents who are citizens living abroad and need to wire a large sum of money to me, a US citizen. I would assume that wire transfer needs to be reported using the same form, but is the amount taxable?
Or how about if the money is deposited into a joint account where me and parents are account holders, accessible in the foreign country as well as the US. Do we still have to report that amount, and taxable?
Thank you so much in advance!
