Hello,
I came to the US in 2015 on a student visa (F1). My mom and dad paid for my college fees. They directly sent the money from their bank accounts in India to the college's account. My mom used to send me money for my living expenses. My mom sent around 24,000$ for college fees and sent me around 6,000$ in living expenses. My dad sent around 10,000$ for college fees.
I got a job in 2017 and between 2017 and 2018 I repaid my parents. In 2017, I sent my mother 2500$ and in 2018 I sent her 53,500$. I did not send any money to my dad. I was on an F1 visa till 2019.
Now, the problem is that both I and my parents never had any informal agreement over this. I never signed any contract with my parents about the loan. Up until now, I did not declare these transactions in any of my tax forms. I was wondering if I need to do anything about this. Does turbo tax, have any provisions for this? I am on an H1b visa right now.
