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Jiyao Xu

CFP®, CFA
Personal Finance, Investing, Insurance
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15
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“Jiyao Xu is the Co-Founder of X and Y Advisors, Inc., a fee-only financial planning firm providing comprehensive financial planning, investment management, tax preparation and accounting services to young Chinese professionals in the United States.”
Firm:

X and Y Advisors, Inc.

Job Title:

President and Co-Founder

Biography:

Jiyao Xu is a fee-only financial planner located in Los Angeles, CA and serving clients across the country via virtual meeting. He established X and Y Advisors, Inc. to make high-quality financial planning services available and affordable to young Chinese professionals living in the United States. 

After one year of experience with KPMG China, Jiyao realized that corporate finance is not his interest. In 2012, he came to Los Angeles to join his beloved wife, Vivianna, and study Personal Financial Planning. While taking different courses at UCLA, Jiyao managed to pass the CFP® exam and all three levels of CFA programs. He also went through the real estate broker education program and then worked for a local wealth management firm for several years. With what he has gone through, he understands the needs and concern of the young professionals living in the U.S. 

From his professional experience serving high-net-worth individuals, Jiyao realizes that there are so many financial planning strategies that could be applied and may even create relatively more value to young professionals. Therefore, he decided to establish X and Y Advisors, Inc. and share his knowledge to help more people and families.

CRD Number:

6407113

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August 2018
    Marriage / Divorce, Financial Planning
May 2018
    International / Global, Taxes, Income Tax
April 2018
    Social Security, Retirement
January 2018
    Estate Planning, End of Life
November 2018
    Investing, Financial Planning

All Answers
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    Taxes
As a dual citizen of France and the United States, what is the best way to minimize taxes on a gift of EUR 100,000 from my French parents?


I assume your parents do not have U.S. citizenships as you do. 

According to the IRS, “you must file Form 3520, if, during the current tax year, you treat the receipt of money or other property above certain amounts as a foreign gift or bequest. 

Include on Form 3520:

Gifts or bequests valued at more than $100,000 from a nonresident alien individual or foreign estate (including foreign persons related to that nonresident alien individual or foreign estate);

or

Gifts valued at more than $15,671 for 2016 (adjusted annually for inflation) from foreign corporations or foreign partnerships (including foreign persons related to the foreign corporations or foreign partnerships).”

You must aggregate gifts received from related parties.  For example, if you receive $60,000 from nonresident alien A and $50,000 from nonresident alien B, and you know or have reason to know they are related, you must report the gifts because the total is more than $100,000.”

The filing requirement is for information purpose only. You generally don’t owe any taxes on the gifts or bequests you received from a foreign person unless he/she is considered a “covered expatriate”. Also, the money is generally not counted as gifts if it is paid for qualified tuition or medical expenses on behalf of you.

 

As you may know, as a U.S. citizen, you are taxed on worldwide income and subject to certain foreign assets reporting requirements including but not limited to FBAR (FinCEN Form 114), FATCA ( Form 8938),  and PFIC (Form 8621). To avoid the burden of the tax filing requirements or any potential punitive tax treatment from the PFIC rule, it is usually beneficial to keep the money in the U.S. 

As always, I cannot give you any specific recommendations without knowing you detailed situations. I recommend you consult a qualified professional based on your particular situation.

February 2018
    Investing, IRAs, Taxes
Does the IRS consider cash back as a part of the total contributions to your Roth IRA account?
February 2018
    401(k), Taxes
I am relocating to another country and will not live in the U.S. for the rest of this year; what is the penalty for withdrawing from my 401(k)?
25% of people found this answer helpful
February 2018
    Life Insurance
Is term insurance more suitable than an indexed universal life policy for someone in their thirties with three kids?
33% of people found this answer helpful
February 2018
    Career / Compensation, Taxes, Income Tax
Is my bonus excluded from the foreign-earned tax exemption?
February 2018