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  1. #1

    Funds Transfer Help (online banking and personal checking)

    Newbie to this site and am hoping to get info for a situation.

    To begin, I am saving money for a down payment on my first home. It is currently sitting in an online savings account. Now, my mom has run into some hardships and need money to pay her debts. She needs $26,000.

  2. #2
    When, I am in need of extra money, I just electronically transfer money from my online account to my checking account (separate institutions). I was planning on transferring the $26,000 to my checking account; and then write her a check for the same amount.

    I don't want to raise any red flags with the banking institutions and IRS. I have heard about reporting withdrawals & deposits limits of $10,000. So, this worries me of my original plan. Any ideas on the best way to handle my situation (from my online account to checking to mother's checking account)? Feel free to ask for clarification or further info. Any and all advice/info will be appreciated.

  3. #3
    If this is considered a gift, then she will be legally required to pay income tax on any gift money over a certain amount (I think it's about $10,000 but am not sure of the exact amount).

    Also, has she looked into any other avenues? It's very generous of you to give (or lend) it to her, but you also need to face the reality that you may never again see this money.

  4. #4
    In every month I used to do money transfer from Dubai to India and never had any bad experiences with my transactions.

  5. #5
    I have an account with ADCB bank in Dubai branch and I found they provide good and quick customer services if there are any issues with online transactions.


 

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