I would like to send money abroad to my parents. Upto what limit I don't have to report to IRS? How much tax I have to pay if I cross the limit?

[Opus 17]

Remember that giving a gift of more than $15,000 per person per year only triggers a requirement to report on form 709. No gift tax is actually owed unless the lifetime total of all your gifts and your estate is more than $11 million. For most people, the gift tax return is only a reporting requirement.

also, be aware that all transactions of more than $10,000 are automatically reported by the bank to the IRS as part of anti-money laundering efforts.  This is perfectly normal in nothing to be worried about. However, if you make several smaller transactions instead of one large transaction in order to avoid this reporting, that can be considered a separate crime called “structuring“. Keep it simple, and just transfer whatever you need to.  

[flyer56a]

I made an international wire transfer of 26k$ (without splitting it) to my foreign relative and in the wire transfer request form to the bank i stated "family support" but not a gift. Do i need to file the form 709?