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June 19, 2020
Question

If i send money abroad to help a family member. The money will go in their bank account via wire transfer. Are there any tax implications or amount restrictions?

  • June 19, 2020
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1 reply

DoninGA
Employee
June 19, 2020

From a tax standpoint only - if these are gifts to an individual and you are a US citizen or US resident you would only have to report the gift given if the amount is over $15,000 during the tax year. 

The gift given would have to be reported on an IRS Form 709, not on a personal income tax return, Form 1040.  TurboTax does not support Form 709.