Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.
Both Italy and the US require large gifts to be declared — but the US places responsibility on the donor and Italy places responsibility on the donee. This means that both you and your recipient may need to declare large gifts, even if you aren’t both required to pay.
Italy taxes monetary gifts or donations, though the exact amount depends on your relationship to the recipient.
The tax will need to be paid by your recipient, and they’ll need to fill out an F23 form. It can be filed at any bank or post office.
Exclusive: Minimum transfer of $1,000 for Finder readers (normally $5,000).
CurrencyTransfer lets you shop around for the best exchange rate on its online marketplace.
Failure to file taxes can result in penalties that range from 120% to 240% of the taxes due. To avoid severe penalties that can reverberate throughout your financial future, speak with a professional to guarantee that you comply with the laws of both the US and Italy.
Generally, yes — though it depends on how much you’re sending and for what purpose. Gifts over $15,000, business transactions over $10,000 and any foreign account in your name that’s held more than $10,000 in the last year will need to be reported to the IRS.
By law, banks report cash transactions that exceed $10,000 and any transaction of any amount that raises an eyebrow. And independent money transfer specialists are sometimes held to thresholds as low as $1,000.
Sending a lot of money out of the country? Know what the IRS expects of you.
As much as you want — there isn’t a legal cap on how much money you can send to Italy. Some transfer providers will set their own limits, so if you’re planning a large transfer, use a limit-free provider like XE.
How your recipient receives your money in Italy depends on your provider and how you sent it. You’ll typically have the option of bank-to-bank transfers, cash pickups or delivery to a mobile wallet.
To receive your funds in person, your recipient may need to provide ID or a confirmation number.
Italy is a country that taxes gifts, which means if you’re sending any amount to someone who isn’t a spouse, parent, child or sibling, they’ll need to pay taxes on it.
As with all international money transfers, be wary of potential fraud and only send money to people you know. Using a reputable provider can safeguard you from potential scams.
Want to buy bitcoin but don’t know where to start? This comprehensive guide provides step-by-step instructions on how and where to buy BTC in the US.
Opt for a direct 401(k) rollover to avoid penalties and fees.
You have a handful of self-employed retirement plans to choose from. Learn more.
Everything you need to know about the tax advantages, fees and limitations of individual retirement accounts.
Invest in your retirement while enjoying tax breaks and peace of mind.
Sigue offers speedy money transfers to 50+ countries, but you have to set up a transfer to see the transaction fees.
Invest in your child’s future and encourage others to do so, too. Learn about EarlyBird.
Convert your 401(k) to a Roth IRA to make tax-free withdrawals at retirement. Learn more.
We researched over 20 tax software programs to help you quickly compare the top seven.
A Roth IRA is a retirement savings account with special tax benefits. Learn more.
