Wire Transfer from a bank oversea to my account in US bank

[saifalhussaini]

Hi,

My Parent (US citizen) would send me over 500K$ to my account from overseas, is there any question from IRS about in tax return. or will be any tax on this amount?

Thanks,

Saif Al Hussaini 

[DoninGA]

No, there are no taxes on transfer of funds from one account to another account.  The amount transferred is not reported on a tax return.

[DoninGA]

Is this a gift?  Or is this a loan that has to be repaid?

If a gift then your parent (US Citizen) has to report the gift given on an IRS Form 709 in the tax year that the gift was given.

As the receiver of the gift you have no reporting requirement on your tax return.

[saifalhussaini]

No, it's not gift. 

it's their own money of housed sold out overseas, and they wanted to send to my account because they have no bank account in US.

[DoninGA · Accepted solution]

Ok...Then the no reporting applies since they are transferring funds from one of their personal accounts to your personal account.