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I have a Chinese wife and we live in China.

She inherited a house and money and we are moving to the United States. We have started transferring large amounts into my personal account in America with no problem until recently.

We had to ask another person in China to wire $50k of our money into my account in the U.S. because china won't allow for my wife to send out more then $50k per year.

When he went to the bank they told him that China had placed a flag on my account not allowing anyone from China to transfer any more money to it.

We still have a substantial amount to transfer so we would like to wire it to various relatives of mine who can then transfer it into my personal account. What if any will be problems for them when it comes to tax time?

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    Why are you asking about taxes, when the big issue is China's currency controls?
    – RonJohn
    Commented Dec 19, 2020 at 5:26
  • Besides, you already said that the PRC has flagged your account to not let any more money be transferred out.
    – RonJohn
    Commented Dec 19, 2020 at 5:28
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    @jamesqf You're right, of course IF the OP can manage to get the money out of China.
    – mkennedy
    Commented Dec 20, 2020 at 20:22
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    @jamesqf They're obvious stopping the Chinese banks from sending, not the US bank from receiving.
    – Loren Pechtel
    Commented Dec 21, 2020 at 5:26
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    "if someone from China deposits $50k into their account and they transfer to my U.S. account". Where is "their account" (China or the US)?
    – RonJohn
    Commented Jan 24, 2021 at 8:16

1 Answer 1

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https://www.irs.gov/businesses/gifts-from-foreign-person

For gifts or bequests from a nonresident alien or foreign estate, you are required to report the receipt of such gifts or bequests only if the aggregate amount received from that nonresident alien or foreign estate exceeds $100,000 during the taxable year. If the gifts or bequests exceed $100,000, you must separately identify each gift in excess of $5,000.

It looks like Foreign Persons can give you up to $100K/year without having to notify the IRS.

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