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kyberry23
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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?

 
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2 Replies

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?

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

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?

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. 

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