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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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March 18, 2022
1:24 PM