I am a US citizen. I want to send around $25K to my family in Europe. Do I get a break in US taxes?

If you made the money here then your going to be required to pay the taxes here. If your just transfering money that you had already and have paid taxes on it there is no tax on the outgoing money.

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Originally Posted by cdad

If you made the money here then your going to be required to pay the taxes here. If your just transfering money that you had already and have paid taxes on it there is no tax on the outgoing money.

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Thanks. But what about a BREAK - or discount - on US taxes?

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Originally Posted by raslebol

Thanks. But what about a BREAK - or discount - on US taxes?

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No, there is no break nor deduction you can take off your personal gross that can lead to less taxation by sending money out of the country.

All advice given is accurate. Note that if regularly transfer money overseas in substantial amounts, you may be asked to explain the details to the IRA.

Just to clarify, essentially this is a gift. Unless the gift is to a recognized charity, there is no tax break for the giver.