Overaseas money wire transfer
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.