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RD
RD, Certified Public Accountant (CPA)
Category: Tax
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Experience:  CPA, MBA, Over 10 yrs of experience in tax planning and business consulting..
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When sending money overseas to China, should I be concern about

Resolved Question:

When sending money overseas to China, should I be concern about I.R.S. or any other Gov't agency? XXXXX XXXXX
Submitted: 5 years ago.
Category: Tax
Expert:  RD replied 5 years ago.
What is the source of this money?
Customer: replied 5 years ago.
The source of this money is from my job, money that my wife and I have saved. My wife is Chinese from mainland China and occasionly we send money to her family in China, about $5,000 per year. Now, a Chinese friend of my wife (also from mainland China) wants to use my wife name to send money to her family in China, her reason is that she doesn't want her husband to find out,( I think she is lying) what I need to know is there any thing wrong with my wife doing this? Or are there unlawful consequence's that I don't know about? Robert H. Davis
Expert:  RD replied 5 years ago.

There is nothing wrong in sending this money and also you do not have to inform IRS or any government officials. YOu only need to be concerned that these funds are not sent out for some illegal/unlawful purpose.

 

 

Let me know if you have any question.

 

Please note: This advice is provided with the understanding that all the relevant facts have been provided by you. Any change in facts might affect the advice given and hence may not be relied on in such cases. Nothing contained in this reply was intended or written to be used, can be used by any taxpayer, or may be relied upon or used by any taxpayer for the purposes of avoiding penalties that may be imposed on the taxpayer under the Internal Revenue Code of 1986, as amended.

 

RD, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 8784
Experience: CPA, MBA, Over 10 yrs of experience in tax planning and business consulting..
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RD
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CPA, MBA, Over 10 yrs of experience in tax planning and business consulting..