It is often believed that transferring money to friends and relatives via wire transfer is risk free. Indeed, even in this case there is a risk of controls: here’s how to do it “safely”
When you decide to transfer money to another person By bank transfer It is good to be aware of the fact that in some cases, examinations and evaluations can be performed to determine Ccorrectness of the operation. In this case, sending money to a friend or relative through a bank transfer is not a light procedure precisely because the tax check can be Started by taxes.
This can be expected in the case of purchasing a certain amount of goods or services, while not everyone imagines that it can also happen in the case of financial loans to a family member or an acquaintance. Therefore, there are details that must be taken into account, in every transfer, in order to avoid risks tax assessments.
Transferring money by bank transfer, how to avoid tax assessment risks
road money transfer For friends or relatives alike to settle old accounts owed, and to give a loan or donate a certain amount of money, it is used especially by those who have a checking account that does not include commissions on the transfer. Today then with home banking applications, This type of operation is really simple and can be done in no time. But, especially in the case of frequent financial movements or transfers of fairly large amounts, the possibility of a tax audit to verify that these are not illegal payments cannot be ruled out.
That’s why it’s his turn reason for conversion, A person who is not often carelessly put together. It should be indicated in this field the reason for transferring funds from one account to another. If, for example, it is a gift from a grandfather to his grandson at Christmas, the reason for the reference could be “gift” or it could be written “graduation” or “marriage” according to specific occasions. All of these reasons imply that it is a free payment, valid as long as they correspond to the truth.
What to avoid and how to deal with loans
Instead, it is a good idea to avoid writing in causation Specific thanks Transfer can be interpreted as payment for the performance of work. With the risk of temporary freezing of the current account in exchange for the tax link. The secret is one entry obvious reason And transparent, this will greatly reduce the risk: thus defining the degree of kinship (a gift for my nephew) will certainly help.
Alternatively, in the case of a loan to a friend Or to an acquaintance, since the method, albeit permissible and legal, exposes you to risks, the suggestion is to write the reason for payment “interest free loan” or a conversion which, upon return, will include no interest. In the case of large amounts, it is advisable to certify the amount with a special bond signed and with the date attached.
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