The gift exceeds $17,000 to one individual. If the donee is not your spouse and you are a citizen or resident of the United States, you need to file a 709.
See https://www.irs.gov/instructions/i709#en_US_2022_publink16784xd0e432
Thank you! I am familiar with the form 709. But do I need to inform the IRS that I am transferring $100, 000 to a foreign country? And how do I inform the IRS- What Form?
Thank you
Your financial institution will have to report it, but I believe (not sure, though) that you simply have to file the 709. I will page @pk for input.
TurboTax does not support Form 709. It is not an income tax form and would not be included as part of an income tax return.
Here is a link to the form:
https://www.irs.gov/pub/irs-pdf/f709.pdf
https://turbotax.intuit.com/tax-tips/estates/the-gift-tax-made-simple/L5tGWVC8N
@Alancop just to round out the comments/answers by my Colleagues @Anonymous_ & @xmasbaby0 ,
(a) form 709 informs the IRS of the gift and updates your life time account for Gift/Estate tax purposes;
(b) transfers of more than US$ 10,000 generally will result ( as matter of course ) a SAR ( Suspicious Activity Report) and then closed . If you are transferring an amount more than US$10,000,000 ( I think ) you need US treasury permission.
(c) Please peruse the instructions for form 709 --- > 2022 Instructions for Form 709 (irs.gov)
Hopefully all these responses have answered your question to the full and you can now close this thread.
Is there more one of us can do for you ?