My in-laws want to gift some money to my wife, daughter and me. They don't live in the US and are not US citizens. We are thinking about bringing the money in cash ourselves. Total is about $42,000. I understand that if we bring the money into the US ourselves, we will have to fill our form FinCEN 105 at Customs. What happens then? Do we have to pay taxes on it? Does it count as income for income tax purposes or is it simply a gift and no tax needs to be paid? Does the $14,000 gift tax exclusion factor in at all since they are not US citizens and not subject to tax in the US?