DaveF1006
Expert Alumni

Deductions & credits

Since your parents are US persons, they would need to file a 709 gift tax return if they re "gifting" the money out of their foreign bank account into yours. If it is a joint bank account, then there is no gifting regulation since it is strictly a transfer of money between accounts.

 

The money that is transferred is not taxable but is reported by both the sending and receiving banks.  Banks must report all wire transfers over $10,000 using a Currency Transaction Report (CTR) and submit it to the Financial Crimes Enforcement Network (FinCEN). You do not have a reporting requirement on your part as this is done strictly within these banks. If there is a issue, the treasury agents will not be shy in contacting you for further information.

 

As far as FBAR and form 8938 considerations, please review Vanessa A comment in this thread. This is a very important regulation that cannot be overlooked.

 

@whiteebony

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