My parents in China want send me 200k CNY(about $30k USD) to purchase a car. Due to some Chinese policy, they can not exchange the currency in China. Can I exchange with my friend here? My parents will transfer some CNY to her China bank account, and she will give me some cash in USD or transfer with US banks. Is it good to IRS? Do I have to fill any forms or face any risk? Does it count as gift so she has to fill 709 form? Btw, we will use the currency from google on that day so no one makes any benefit.
Thanks a lot!