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A relative in China (not a U.S. citizen) wants to gift me some

money (less than $100K)....
A relative in China (not a U.S. citizen) wants to gift me some money (less than $100K). He would like to wire transfer it to my U.S. bank account. I am a U.S. citizen. My question is, would I have to report this gift for tax purposes? Is this gift taxable?
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Answered in 1 minute by:
5/2/2013
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16,592
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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MyVirtualCPA :

Thanks for asking your question! I'm sorry to hear about your tax issue and I'm going to try my best to help you understand or resolve it.

MyVirtualCPA :

How are you today?

MyVirtualCPA :

This gift is NOT taxable, and as it is below $100,000 there is no reporting requirement

MyVirtualCPA :

The relative also has no reporting requirement to the US.

MyVirtualCPA :

There are no forms to fill out and no tax to pay

Customer:

Thanks. But, my bank will have to report this wire transfer to the u.s. government and IRS for anything above $10K?

MyVirtualCPA :

Not a wire transfer

MyVirtualCPA :

that's for cash deposits

MyVirtualCPA :

actual currency

Customer:

I thought I read that the government is monitoring wire transfers to keep an eye out for illegal activity, etc.?

MyVirtualCPA :

Banks report suspicious activity

MyVirtualCPA :

Getting one wire from China is not suspicious

MyVirtualCPA :

However, the botXXXXX XXXXXne is that you don't need to do anything regarding this wire.

Customer:

Ok. What about more than one wire transfer? My relative said he may have to do it more than once b/c there is a $ limit to each wire transfer he can make.

MyVirtualCPA :

That's fine

MyVirtualCPA :

There's nothing to worry about. This is not taxable, and there's no reporting requirement

Customer:

Ok, great! Thank you!

Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16,592
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
Verified
Megan C and 87 other Tax Specialists are ready to help you
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Megan C
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16,592
16,592 Satisfied Customers
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

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