Hello,
My parents who are citizens of India as well as residents of India would like to send my wife and I a money transfer of around $50k as a gift to help us buy a home. My wife is a US citizen and I am a permanent resident of the US while still maintaining my citizenship in India.
The money transfer will come straight out of my parents 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 my parents have already paid taxes on the money in India, would we as receivers have to pay taxes on the gift money here as well? Do my parents will have any reporting requirements towards 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.
Thank you in advance for your assistance.
