2

I heard that there is a limit on the amount I can send. Can someone shed light on this? Also, do I have to notify the IRS if I send above a certain amount? What is the amount?

Improve this question
2
  • 1
    Have you seen this question? The maximum amount may simply depend on your financial institution.
    – John Bensin
    Sep 4, 2013 at 2:29
  • No My question is also about IRS, I have heard there is a limit of 13,000$ above which one need to declare to IRS. Also is there a max allowed per year? I heard there is a max limit of 5000000 for a lifetime of a person?
    – neoeahit
    Sep 4, 2013 at 14:42

1 Answer 1

Reset to default
1

The lifetime limit would be very peculiar. The question for the IRS is, whether this is a gift of some sorts, which is why they become interested at some point. In the US, you as the giftor would have to pay the taxes. The bank might inquire too, due to money laundering issues. The bank will anyhow report transactions above a certain size to the IRS. As long as you are sending money to yourself, you should be fine, as this is clearly not a gift. If you send it to 3rd person, then this is either for a service, in this case you need a bill or is a gift, in which case you require to pay gift taxes.

Improve this answer

You must log in to answer this question.

Not the answer you're looking for? Browse other questions tagged .