My mother wants to send me my part of the inheritance early from my father passing away in 2004 (over 10k less than 100k). We are trying to figure out how to get it to me without overpaying in taxes. Right now the money is under my mother's name.
Options I have thought about and questions about them:
1) Do multiple $10k transactions since I know a wire transfer of less than 10k doesn't get reported to the IRS.
Q- Is that per transaction or per year? Example: can she just do 3 wire transfers for 9k totaling 27k? Or do those 3 wire transfers need to be on different years for them not to be taxed?
2) Put the money in a personal account in Colombia, and then wire transfer the money from personal account to personal account.
Q- Would this work? Is this taxable?
3) My mom to wire the money to me and reported as a gift.
That's what I come up with, any ideas of what the best way to do it?
