US Citizen sending money overseas
I would like to send money to my family back home to help them purchase home. And I have a few questions to this regard:
Is there a limit on how much I can send? Can I send 0K plus?
What is the most appropriate way to send money - international wire? Is there international-wire limit restrictions I need to be aware of?
Is there any tax obligation should I be aware of when sending money home?
If my family can return my money back in future, great, if not I really don't care, but when (if) I get my money back, will I have to pay taxes on bringing my own money back into US?
Is there anything else do I need to be aware of?
fyi, my family isn't US citizens.
Thanks.
(1)1 Comments
Sorted by latest first Latest Oldest Best
Is there a limit on how much I can send? Can I send 0K plus?
No. Yes.
What is the most appropriate way to send money - international wire?
Is there international-wire limit restrictions I need to be aware of?
Yes. No.
Is there any tax obligation should I be aware of when sending money
home?
If you're a US tax resident (which, as a US citizen, you are), you should be aware of gift tax rules. You'll probably want to talk to a licensed tax adviser (EA/CPA licensed in your state) and/or attorney, to understand the ramifications in full.
If my family can return my money back in future, great, if not I
really don't care, but when (if) I get my money back, will I have to
pay taxes on bringing my own money back into US?
No. But if you're giving it as a loan - you'll get paid interest which is taxable income to you.
Is there anything else do I need to be aware of?
The rules of the country which you're sending the money to.
Terms of Use Privacy policy Contact About Cancellation policy © freshhoot.com2025 All Rights reserved.