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)Ask a similar question
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.Ask a similar question
Because this is a gift it does not need to be reported on your tax return.
This answer is based on general legal principles only and is not intended to provide specific legal advice. This answer is for informational purposes only and does not constitute the formation of a lawyer-client relationship. Any reader of this answer should not make decisions based upon in without first directly consulting with an attorneyAsk a similar question