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Rakhi Vasavada
Rakhi Vasavada, Financial Advisor
Category: Finance
Satisfied Customers: 4550
Experience:  Attorney and Financial Expert. Have specialization in Financial Laws.Practice experience of over 13 years
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Is there any limit on an amount of money you can transfer to

Customer Question

Hi is there any limit on an amount of money you can transfer to a friend?
Submitted: 1 year ago.
Category: Finance
Expert:  Rakhi Vasavada replied 1 year ago.

Dear Friend,

Hello and welcome. Thank you for providing an opportunity to assist you.

NO-- There is no limit to the amount of money that you can transfer to a friend. You may transfer him as much as you want.

However, you must make sure that you do it through regular banking channels. You should do nothing that your bank / IRS regard as money laundering or any movement of money intended to defeat any tax purposes.

Apart from this you may transfer as much money as you want.

If they are not against any consideration, it would be treated as gifts and any amount above $14,000 per year will be excluded from your life time exclusion limits.

I am sure this would help.

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Warm Regards,