I wired $100,000 abroad to my parents to pay back my tuition I borrowed from them. How to do tax about this transfer?

[jacksun210]

I wired $100,000 abroad to my parents to pay back my tuition I borrowed from them. How to do tax about this transfer?

Another issue:

I select "gift" for the purpose of the transfer by mistake, because I did not find a option "repay loan".

[MinhT1]

This is a loan repayment.

There is no tax or reporting obligation for a loan repayment, even to a foreign person.

[Opus 17 · Accepted solution]

The payment of a loan (or a gift even) is not taxable to the payer.  It doesn't go on your tax return in any way. 

You can't deduct any interest as student loan interest because the lender was a family member.

Any paperwork required for financial reporting of a large wire transfer will be done by the banks.   You don't need to do anything else. 

[jacksun210]

Thanks.

I know that a bank reports every transfer greater than 10,000 to IRS.  Do I need to have the bank change "gift" to "repay loan" ?

[Opus 17]

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@jacksun210 wrote:

Thanks.

I know that a bank reports every transfer greater than 10,000 to IRS.  Do I need to have the bank change "gift" to "repay loan" ?

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No.