topic My girlfriend who lives in China wants to help me consolidate my debt, but she has to wire me 50000 dollar is this illegal or taxable would I be doing anything wrong? in Get your taxes done using TurboTax

My girlfriend who lives in China wants to help me consolidate my debt, but she has to wire me 50000 dollar is this illegal or taxable would I be doing anything wrong?

kyberry23 — Fri, 14 Aug 2020 05:35:29 GMT

Re: My girlfriend who lives in China wants to help me consolidate my debt, but she has to wire me 50000 dollar is this illegal or taxable would I be doing anything wrong?

Texas Roger — Fri, 14 Aug 2020 13:00:37 GMT

As long as the gifts from foreign persons in total do not exceed the $100,000 threshold, you do not report anything on your tax return. If they exceed $100,000 in a year, you must report them on form 3520.

See this IRS article: https://www.irs.gov/businesses/gifts-from-foreign-person

Re: My girlfriend who lives in China wants to help me consolidate my debt, but she has to wire me 50000 dollar is this illegal or taxable would I be doing anything wrong?

Opus 17 — Fri, 14 Aug 2020 13:53:49 GMT

If you are a US taxpayer, you never pay tax on gifts you receive. Gifts from foreign corporations must be reported if they are more than $15,000 in a year, and gifts from foreign persons must be reported if the amount is more than $100,000 in a year. There is no tax owed, just a report, and the report is filed separately and not included in Turbotax, you would have to do it on your own if it was required.