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Yeah my neighbor. She comes from China, goes to school at a local university has no relatives here except a brother also in school. First thing she did was buy
by o-__-o 7y ago
Yeah my neighbor. She comes from China, goes to school at a local university has no relatives here except a brother also in school. First thing she did was buy a house. She also drives a BMW 3-Series. How? When I asked, her parents sends her money every month. Her parents put the down payment on the house. Everything is in her name. So it happens quite often
- cheriot 7y agoIt happened once therefore it happens quite often is not a great argument
- o-__-o 7y agoYou mean twice. Which means its probably happening a lot more in other locales
- NotSammyHagar 7y agoThis can be perfectly legit, or not of course. How come such transfers don't attract irs or govt attention? I can't give my son more than the max annual gift of 15k without it being taxable. I've always wondered why international money transfers can seemingly ignore these rules. I expect the parents are somehow hiding that it's a gift to the kid.
- mamoswine 7y agoGift taxes are payable by the giver, not by the receiver.
- NotSammyHagar 7y agoYes. But I'd bet that the parents just claim the kid owned that account. Tax rules in other countries like China may not require a gift tax, so you could just give it to your kid in china, and then move that account to the us, so it doesn't look like a gift. Indeed, this article says they are thinking of adding gift taxes in China. https://www.huffpost.com/entry/china-considering-to-collect-inheritance-and-gift-taxes_b_58d39f0ae4b099c777b9df24 https://www.huffpost.com/entry/china-considering-to-collect-.... So I'm sure people would follow this practice and avoid us gift taxes and limits.
- hcknwscommenter 7y ago> 15K is not taxable. > 15K ought to be reported and will count against your lifetime exclusion. If you are likely to leave less than 11.4 million dollars, then the >15K you give every year is never taxed.