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RACS123 · Sep 23, 2009, 02:22 PM

Let me know if I can get money transferred to my bank account from my sister overseas.
I want to get transferred the money for education here in US.Is there any limit if the amount is 25k-40k .Will either of us have to pay tax on this amount ?

Cedarln2265 · Sep 23, 2009, 02:35 PM

When I transferred money to my son overseas, I just called my bank and asked them what they needed to transfer the money. Then called son and had him give me the information.
Have her call her bank and see what she needs to have to transfer from her end.
Since I was the one making the transfer, I did have to go to the bank to enact the transfer. You have a nice sister. Good luck

RACS123 · Sep 23, 2009, 04:37 PM

Originally Posted by Cedarln2265

When I transferred money to my son overseas, I just called my bank and asked them what they needed to transfer the money. Then called son and had him give me the information.
Have her call her bank and see what she needs to have to transfer from her end.
Since I was the one making the transfer, I did have to go to the bank to enact the transfer. You have a nice sister. Good luck

Thanks, I will ask my sis to check with her bank but did you or your son had to pay any taxes on the amount u had transferred?

Cedarln2265 · Sep 23, 2009, 06:56 PM

No, when it's relative to relative as in our case it was "gift". The tax question I'm not sure about as it's sister to sister. Will you have to pay it back? That could also change how the taxes are figured. I'm fairly sure there's a limit on gifts though. You might want to ask the question in the taxes section. Good luck

RACS123 · Sep 23, 2009, 08:10 PM

Thanks so much, that's what my questioned should have been limit on the gift from taxation purpose in this case. And no, I will not have to repay back to my sister.
Thanks :)

morgaine300 · Sep 23, 2009, 10:00 PM

Education is an exception:
Publication 950 (9/2008), Introduction to Estate and Gift Taxes

It says "paid directly to the institution," but that would be more difficult done as an overseas transfer. You may want to call the IRS to find out if it really has to be paid directly to them (1-800-829-1040), or you also might check with the school -- they might be used to getting transfers from overseas and know how to handle that transfer.

(Just as a note, though, I think the 2009 gift limitation is $13,000.)

RACS123 · Sep 24, 2009, 05:05 PM

Thanks for the information, will check with the school as well.