US expat in China - transfer money to US via parents account - tax implications?
I'm an expat working in China and I want to transfer the money I have here in my China accounts to my US accounts. I want to take advantage of Citibank's global transfers (fee free), but I don't have a Citi USA account. Is it considered a gift if I transfer from my Citi China account to my parents' Citi USA account? They will just transfer it back to my local USA non-Citi bank account.
Are there any tax implications or reporting implications? Is this considered a gift (because it's really not). The amount would be modest but not insignificant, probably ~$100k in total but in 2-3 increments.