Gift tax from foreign parents

[Martingale Kim]

my parents in law want to give us $60,000.

i know there's a $16,000 gift tax limit. 

so to qualify this limit, does my parents-in-law need to wire me and my wife respectively 4 times at $15,000 each time?

what will be the form to file it in my federal and MD tax return if it is needed?

[David M.]

@Martingale Kim

Your subject says "foreign parents."  Do your in-laws have US citizenship?  Gift tax is paid by the gifter, in this case your in-laws.  However, if they aren't us citizens they aren't subject to US Federal income tax and its gift tax.  Since you are receiving the gift, there is nothing for you to declare.

Otherwise, probably to make it clean you would have 4 separate transactions, each person to each person criss-crossing..  But, probably okay to send it one shot assuming you have joint accounts.

Of course, double check with a qualified professional.