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Gifts & Inheritances from China
Parents sending money from China, an inheritance or a house left to you: what is taxable, what must be reported on Form 3520, and how to document the source for banks.
What is included
- Form 3520 reporting of foreign gifts and bequests
- Basis of inherited foreign property
- Source-of-funds documentation for U.S. banks
- Income earned on the money after you receive it
- Planning gifts so later income is not taxed unnecessarily
Reportable, usually not taxable
Gifts from a nonresident parent are generally not income to you, but more than $100,000 in a year must be reported on Form 3520. Income the money earns afterwards is yours to report.
Common questions
My parents want to buy me a house. Anything to watch?
Who holds title, where the money comes from and whether it is a gift or a loan all matter; talk to us before the money moves.
Tell us your situation. We will tell you the fee.
A few short questions, a written quote within one business day, and a free 15-minute consultation if you would rather talk it through first.