F
fni
Guest
What is the name of your state? GA
How to distinguish a gift tax from income tax ?
For instance, if my mother-in-law sends me $50k from her bank account in China to mine in the US, is it considered my income ? Do I have to pay tax on it ?
In China perople can't send US dollars abroad officially, but since my mother-in-law is in export business, she can ask her company to send money to me while she pays the company. And this gets things complicated, it might seem a Chinese company is paying me, but actually it's not, because she has to pay Chinese currency to her company by the exchange rate.
How to distinguish a gift tax from income tax ?
For instance, if my mother-in-law sends me $50k from her bank account in China to mine in the US, is it considered my income ? Do I have to pay tax on it ?
In China perople can't send US dollars abroad officially, but since my mother-in-law is in export business, she can ask her company to send money to me while she pays the company. And this gets things complicated, it might seem a Chinese company is paying me, but actually it's not, because she has to pay Chinese currency to her company by the exchange rate.