MarilynG1
Expert Alumni

Deductions & credits

If your parents are not US citizens and don't file a US tax return, if they send money to you in your US bank account, they have 'gifted' you the money. 

 

Banks have to report deposits of cash over $10,000. But they're not reporting it as income. They're just letting the IRS know that someone was handling a large amount of cash. The IRS knows that most such deposits are legitimate.


In any case, there is no way for you to report a gift that you received on your tax return. The IRS does not want you to report it. You do not pay income tax on a gift.

 

Nor would you have to report the cash wire transfer (although the bank would), since it's not a foreign account. 

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