Hello,
My wife's parents, who are citizens of Brazil want to send my wife and I a money transfer of around $100k as a gift. My wife is a naturalized US citizen who was born in Brazil, but lives in the US with me now.
The money transfer will come straight out of my father-in-law's bank account into mine and my wife's joint bank account here. I would like to know the tax implications of the money received here. Since her parents have already paid taxes on the money in Brazil, would we as receivers have to pay taxes on the gift money here as well? Will her parents have any reporting requirements to the IRS?
It would also be beneficial to know if there is a yearly limit on how much we can receive in gift money as a joint couple who share a common bank account.
Thanks very much for any insight you can offer.
