My parents sent me $70 thousand to buy a house from China. Do I have to pay taxes on that amount?
I had the money put into my account here and earned interest on it for a few months and then bought an apartment with it. Someone said that I have to claim the money as income and pay income taxes on it?
A-Best: Well, legally the IRS wants dibs on any money you get, even a gift. Well since you earned interest on it you'll want to file it because they already know about it now. Otherwise it would have been your own free money.
A: Yes you do have to claim it, anything that's over 10,500 should be claimed
A: Be wise my Asian friend. Get legal counsel. It is a slippery slope when dealing with Social Security . The easy answer is Yes.
A: No, it is considered a gift from your parents. Your parents may have to pay the tax on it, but not you. You will have to pay the tax on the interest earned. Not sure of tax laws in China though.
A: it's a gift to you - tax free
