turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Gemani
Returning Member

Sending money to parents back home

When sending money to my parents abroad via Western Union, should I label it as a GIFT or family support/living expenses as purpose of transfer? I'm unsure because I'm contributing to building their house, and the amounts are larger than usual. Also, if I've sent $17,420 annual remittance and label it as Family support/living expenses in the purpose of transfer. Money was  sent every month or weeks based on the needs of the construction, do I need to report it? I am a US citizen and the source of sending the money is not from loan and the source is from the private property we sold recently here. Thank you in advance for answering my questions!

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

3 Replies

Sending money to parents back home

What are you trying to do?  And where are you entering the purpose of sending money to your parents?  We do not know what "back home" means---we do not know if you mean your parents are in a different state or a different country.   

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
Gemani
Returning Member

Sending money to parents back home

Different country. Entering in WU “Purpose of Transfer” section before completing it.

pk
Level 15
Level 15

Sending money to parents back home

@Gemani , not knowing which country you are sending monies to  and assuming that  you are wiring the monies  to a bank account owned / operated by your parent, I do not understand the  issue here.  Personally , I would declare ( as far as I know the only time this required  by the  transmission entity because of KYC -- Know Your Customer--- requirements ) what it really is for.  There is no  requirement  nor advantage  in declaring  that this  transfer  is a gift .

Please consider  just keeping it simple and true.

 Is there more one of us can for you ?

 

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies