Hello,
My parents (US citizens residing in India) are planning to transfer about $120,000 from their Indian bank to USA for me to gift as i am in the verge of buying a new house.
I read that $14,000 transfer per person is considered as a gift. I fill jointly with my wife so i am aware $28,000 money can be considered as a gift. I am also aware anything more than the initial gift money has to be reported to US government while filling taxes. I want to know will i have to pay any taxes for the remaining non gift money ($92,000)
Is there any thing that i should be aware of before my parents make the transfer?
I also want to know where exactly do i report this additional wire transfer on my taxes? What column?
