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Receiving money from family in UK to USA

Receiving money from family in UK to USA

Old Jun 18th 2020, 8:03 pm
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Default 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.
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Old Jun 18th 2020, 8:29 pm
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Default Re: Receiving money from family in UK to USA

https://www.gov.uk/inheritance-tax/gifts
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Old Jun 18th 2020, 9:09 pm
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Default Re: Receiving money from family in UK to USA

that’s very helpful, thanks so much Jerseygirl.
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Old Jun 19th 2020, 1:07 pm
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Default Re: Receiving money from family in UK to USA

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