What is the best way to handle this cash gift ?
My family sold a property overseas. They decided they want to give me and my siblings a cash gift of about $40K. They also designated me as the person to receive the money and then distribute it equally. Of course, I think the bank will report this money to the IRS once it is wired to my bank account. What is the best way to handle this issue ? I hate to have to pay taxes on the entire amount when I will only keep a small part of it (my share). What steps can I take to protect myself from having to pay more taxes than I have to ? Thanks for your help !