Regarding Fbar filing

[magantisurya]

Hi, I have transferred $22K to my brother this year who is in India. I dont have any authority or signature authority on his account. Its for my family need i sent, do i have to file Fbar for that ?

[MinhT1]

If you have transferred the funds to your brother and no longer have control or signature authority over these funds, then you do not have to file an FBAR.

If you are a US citizen or resident, US tax laws apply to to you. If the $22k is a gift to your brother, then you have file a gift return (form 709) as it is over the gift exclusion of $18,000 for 2024 ($19,000 for 2025).

Form 709 is not supported by TurboTax. You'll have to prepare it manually and file it by mail.

[Edited 02/17/2025 | 8:57 AM PST]