Don't mislead people

Your gift tax advice is certainly off, by a mile. The current annual exclusion is $13,000, not $10,000. Also the amount over $13,000/person will be counted against your lifetime $1,000,000 exemption. Unless you've already given a significant money away or you will, $50,000 will have no impact on your tax return. The only thing you would have to do is to file a gift tax return, reporting it to IRS, but you will have no tax liability whatsoever.

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• dont have to report $50k if from china. i got the same last year -~0~- ♀ (0 bytes) () 05/06/2010 postreply 14:23:40