No Interest Loan from family abroad to USA
I have seen some similar posts here, but not quite answering what I was looking for... So, thank you in advance.
What documents must be filed with the US Government (IRS, customs, etc) in the following situation? Plus, is there any tax liability or additional fees (beyond the international funds and wire transfer fees from the banks)?
If money between $50K and $75K is transferred from an oversees bank to a US bank (a one-time transaction),
And the recipient is a dual citizen of both countries,
And the money is coming from immediate family,
And the money will be a personal no interest family loan.