I am here on f1 visa studying here. My parents will be sending me money from my home country so that I can gift it to my sister to buy her house (her banker will do a gift of deed). This money they will send me is addition to my school fees, etc. Is there is limit to how much money my parents can send me? Also is there a limit to how much money I can gift to my sister.
No, there is absolutely no limit to how much money you as a foreign student can receive from your parents overseas ( I know, I used to be an international student as well), nor will you be "taxed" on the money so received. The receiving bank, however, is obligated to register and report any wire transactions of $10,000 or more to the IRS, but you couldn't care less if it did or not.. By the same token, there is also no limit to how much money you can "gift" to your sister. Sister, however, if a US citizen or green card holder, should consult with an accountant or CPA about any tax ramifications this kind of a "gift" could have on her (I expect it to have no effect on her taxable income, but just to be sure..)
Kindly be advised that the answer above is only general in nature cannot be construed as legal advice, given that not enough facts are known. It is your responsibility to retain a lawyer to analyze the facts specific to your particular situation in order to give you specific advice. Specific answers will require cognizance of all pertinent facts about your case. Any answers offered on Avvo are of a general nature only, and are not meant to create an attorney-client relationship.
Talk it over with your University Foreign Student Adviser. If your are bringing cash, decalsre it for US Customs purposes. USCBP wants to gurantee that the money is not from drugs or guns.
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