here is my question.

I lent my father in law 200k so he could buy a house in a hurry.

I had a overseas account in Asia. I transferred the money to my account in asia and he withdrew from there.

Now he want to pay the amount back plus want to give large sum of money as a gift so we can buy a home in the USA.

my question is. I am us citizen, my wife is green card resident, my kid is US citizen.

Since My account will get wire transfer of $200,000 and my wife and my kid's account is available to receive wire transfer, what is the limit of receiving wire transfer
per transaction and per year so the transaction does not get reported to IRS.

my question is how can i receive wire transfer? how much can my wife receive per transaction/ per year? how much can my kid receive since kid and myself are in the account because my kid is still a minor.
how much my kid can receive per tranaction/ per year without having to pay taxes on the
wire transfer.

please let me know as soon as possible.

AtlantaTaxExpert

There is NO limit per se on wire transfers. You just need to complete paperwork (Form 3520) to properly account for the source of the funds being transferred.

There are NO U.S. tax implications for the transfer as you describe in your post.

IntlTax

I agree with ATE that there are no thresholds regarding reporting of wire transfers. In other areas, such as cash transfers, you should note that intentionally trying to avoid the reporting requirements is a crime and there is a good chance you will get caught.

I assume that you have been reporting all of the interest income that your father-in-law has paid (or is deemed to have paid) on your U.S. tax return. As a U.S. citizen, you are taxed in the U.S. on your worldwided income, regardless of where it is earned and regardless of whether the earnings are brought back to the U.S.

You also may need to be annually filing the FBAR to disclose the existence of the foreign accounts. You also will need to report the receipt of gifts from your father-in-law if they exceed $100,000 in any year.

AtlantaTaxExpert

IntlTax:

Your last entry (about the reporting of $100K in gifts): the OP would probably want to know how is that reported?

IntlTax

The gifts should be reported on Form 3520.

MukatA

dynakore:
You lent 200K to your father. If you did not charge interest or the interest rate is less than the applicable federal interest rate, then it is considered taxable gift.

If you get gift from foreign sources, you do not have any gift tax filing requirement. But if the amount exceeds Rs. 100,000, you must file Form 3520.

AtlantaTaxExpert

MukatA:

Do you not mean 100,000 DOLLARS, as Rs. 100,000 is roughly $2,000?