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The bank doesnt report you. It is up to you to report yourself as receiving a gift. The entire US tax system works on self reporting and the fact that during au
by marme 13y ago
The bank doesnt report you. It is up to you to report yourself as receiving a gift. The entire US tax system works on self reporting and the fact that during audits if you have wilfully lied you will go to jail. So you can transfer some amount a million time and then just say you transferred it once and the IRS will probably never even look into it.
- carbocation 13y agoThe bank will mandatorily report the transaction if it is $10k or greater (or a series of transactions constructed to fall under the $10k limit).