Receiving money from family in UK to USA
 

Hello there

Due to the pandemic, we have been financially affected. Our family is sending us some funds (over $10k). I have been trying to understand the tax implications here.

It seems we wouldn’t not be taxed by IRS if this is a gift, but would have to report it. However, will there be any tax implications for our family in the UK?

Any helpful information on this subject is appreciated. TIA.

Re: Receiving money from family in UK to USA
 

Re: Receiving money from family in UK to USA
 

that’s very helpful, thanks so much Jerseygirl.

Re: Receiving money from family in UK to USA
 

There may be state tax implications depending on which state you live in.