Send 100kUSD to parent

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newperson09
Posts: 17
Joined: Thu May 04, 2017 11:09 am

Send 100kUSD to parent

Post by newperson09 »

Live and work in California.
1. Is there any impact send 100k USD to parent? (outside USA)

I heard it is not allowed to even transfer to spouse. Is that true?

2. Is there a way to transfer money out of USA in a big sum efficiently?

thanks
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nelsona
Posts: 18676
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Re: Send 100kUSD to parent

Post by nelsona »

You can transfer as nmuch as you wish. However above a certain amount this is a taxable gift by IRS. google info on Gift tax to non-citizens
After 20 years, I am severely cutting back on responses. Do not ask specifically for my help. There are a few others on this board that can answer most questions. All the best
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