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This gift is NOT taxable, and as it is below $100,000 there is no reporting requirement
The relative also has no reporting requirement to the US.
There are no forms to fill out and no tax to pay
Thanks. But, my bank will have to report this wire transfer to the u.s. government and IRS for anything above $10K?
Not a wire transfer
that's for cash deposits
I thought I read that the government is monitoring wire transfers to keep an eye out for illegal activity, etc.?
Banks report suspicious activity
Getting one wire from China is not suspicious
However, the botXXXXX XXXXXne is that you don't need to do anything regarding this wire.
Ok. What about more than one wire transfer? My relative said he may have to do it more than once b/c there is a $ limit to each wire transfer he can make.
There's nothing to worry about. This is not taxable, and there's no reporting requirement
Ok, great! Thank you!