In 2013 I got a transfer of $80,000 from my parents who live in China . I have a green card . My parents are Chinese citizens. So , should I report this transfer to IRS ? (this was a one time transfer , no other transfers)
Criminal Defense Attorney
Its my understanding that there is a requirement to report transfers of $10,000.00 or more have to be reported to the IRS. (Not as income on your income tax return, unless I constitutes income. A gift is not taxable income)
Speeding / Traffic Ticket Lawyer
Attorney Wagner is correct that a gift should not be reported as income. IRS form 8300 is for cash transactions over $10,000; however, a wire transfer is usually not considered cash and therefore is exempt from this recording requirement.
2 lawyers agree
Because this is a gift it does not need to be reported on your tax return.
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