I have a retired US citizen brother who decided to live overseas after his retirement. He and his wife's social security checks is automatically deposited in a US bank account. He has asked me to withdraw $35000 that has accumulated and wire transfer the amount to him. Is there any implication or tax liability that I should be aware of.
There's no tax on wire transfer, but it would be easier on everyone if he would wire himself from his own account. Withdrawing money, depositing to your account and then wiring back to him may raise some flags with FinCEN and IRS with questions about money laundering or gift taxes. Why do you want to complicate things?