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Barrister
Barrister, Attorney
Category: Estate Law
Satisfied Customers: 37081
Experience:  16 yrs estate law, real estate. Wills/Trusts/Probate
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How much gift money from China to U.S. citizen is tax fre

Customer Question

How much gift money from China to U.S. citizen is tax free
Submitted: 2 years ago.
Category: Estate Law
Expert:  Barrister replied 2 years ago.
Hello and welcome! My name is ***** ***** I will try my level best to help with your situation or get you to someone who can.
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There would be no limit to any gift if the money is coming from outside the US to a US citizen. There is no federal gift taxes on the recipient of the gift and since it is coming from outside the US, US laws wouldn't apply to the maker of the gift with regard to taxes. The applicable laws would be China's laws with regard to whether there is any gift taxes applicable. Not being a China law expert, I couldn't tell you whether there are gift taxes in China definitively, but it would appear that there are no gift taxes in China between individuals...
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The IRS does require that any gift over $100,000 be reported on Form 3520, Annual Return to Report Transactions with Foreign Trusts and Receipt of Certain Foreign Gifts just to document the transaction.
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thanks
Barrister

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