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My family are coming to visit me in the US and spend their summer vacation here. They are planning to transfer the traveling and living expense to my US bank account.

My question is: Am I going to have to pay taxes on the money transferred even though I won't use any of it?

Thanks!

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    What is the other country, and what is your citizenship status. Depending on how the transfer is done, and where the money is coming from, there could be tax implications in the originating country. If while the money is in the bank it earns interest, you will owe taxes on the interest. If the sum of money being deposited is a large cash deposit it could require the bank to file paperwork with the US government. – mhoran_psprep Jun 28 '15 at 19:19
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There are no US taxes for receiving a gift (you). There may be US taxes for giving a gift (the gift tax), for your parents, but if they are nonresidents and the money they are giving was not situated in the US, then they do not have US gift tax. You have to report a gift from a foreign person if it exceeds $100,000.

  • As described, it doesn't seem to be a gift, but they are just paying their share of living cost, food etc. Of course it's good if you can say to the inland revenue "it's not a gift, but even if it was I wouldn't have to pay taxes". – gnasher729 Jun 29 '15 at 19:16

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