Hi
My in-laws want to gift money to me and my wife. My in-laws are not US residents and are not US citizens. We are both US citizens. Incidentally we have just moved out of US recently and will likely be out of US for at least a few more years. But I think that has little effect on what I say below.
From what I have looked up, following is possible without having to pay any tax.
My in-laws can send at most 13*4 = 52,000USD to us this year. They can send another 52,000USD next year.
My question is what is the best way to do this.
We have a joint checking account with a US bank. Should they send one lump sum or do they need to be 4 transfers each of less than 13000USD. Does the mode of transfer matter? If it does what is best way to do this?
Am I right in assuming that no one has to pay any US taxes on this? Am I right in assuming that nothing even needs to be mentioned in our tax returns regarding these? Is there anything the IRS expects me to do about this?
Thanks,
-Antony