Relatives owe me in foreign currency the equivalent of $35K in US dollars. They want to transfer the money to my US account. I live in the US and have no connections other than relatives to the other country. I heard that as long as the the transferred amount is under $10K I do not need to pay taxes or report the transfer to the IRS. I am planning to deposit the money in my children's bank account for their education. Is it true that I do not need to report the transfer as long as the amounts are under $10K? If this information is not correct, what should I do, whose advice should I seek?