Thank you so much @DaveF1006!
Regarding FBAR and form8938, why does it apply to my scenario? The joint account i have with parents actually is a US bank, only need to be concerned about FBAR if its a foreign bank correct?
Also, i tried to search irs for my original question about wiring large sum of money and whether taxable but couldnt find any info. Is there a government link you know of so i can show my parents? They are very paranoid about being taxed and just want something concrete giving them more assurance. I had the same understanding as what you posted but they didnt trust me when i told them lol….
