What forms if any do I have to fill out for international wire transfers of over K?
Family overseas wants to send me money via wire transfer to the us over 10k.
I know that for all cash deposits over 10k i have to fill out a form. Is this the same for wire transfers and would the bank report this to the IRS. I have found conflicting answers online and if the bank doesn't report it would I have to report it on taxes. Thanks
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Practically, it doesn't really matter. If the transaction is reportable under banking regulations, then structuring transfers to avoid reporting is illegal, and often reported anyway. So if you are going to transfer the money, it is best to do it as one transaction.
Regardless of what reporting the bank does, hiding income on your taxes is tax fraud, and should be avoided. You will have to report it appropriately when filing.
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