How to use parents' RMB to buy a house for them in US?

My parents have some RMB, enough to buy a small house close to mine (in US). They do not want do other investments in China. They want to use it to buy a house for themselves when they visited US. I can rent it out when they are not here. Of couse, everything under my name (ideally). This will eventually become my property (as grandsons' education fund as they claimed). Questions:

1. What is the best way to send money to US (assuming they have exchanged RMB for $ in China). If they do bank wire transfer, does it count for my income for this year? and tax?

2. If I put them as owner, is there any issue, like inheritance tax eventually?

3. If I put myslef as owner, any other issues? assuming pay by cash, no mortage.

Thanks in advance. Sorry cannot type Chinese in office.

 

 

所有跟帖： 

• bso... rich parents... -texastrader- ♂ (485 bytes) () 11/16/2012 postreply 11:54:21

• 回複：bso... rich parents... -bbbqqq- ♀ (551 bytes) () 11/16/2012 postreply 12:19:47

• As long as it is less $100,000, you do not need to file with IRS -goldilock- ♀ (57 bytes) () 11/16/2012 postreply 14:22:32

• 沒問題的 -xixi2009- ♀ (213 bytes) () 11/16/2012 postreply 13:06:47

• 回複：How to use parents' RMB to buy a house for them in US? -小嗨- ♀ (0 bytes) () 11/16/2012 postreply 13:19:02

• There is annual gift limit - $26,000 USD -xyz2001- ♂ (888 bytes) () 11/16/2012 postreply 13:49:40

• good information. Thanks! -yunchu- ♀ (0 bytes) () 11/16/2012 postreply 16:25:24

• If you receive over $100K per year from non-resident alien, you -nnong- ♀ (162 bytes) () 11/16/2012 postreply 23:00:28