Receiving money from family in UK to USA
Jun 18th 2020, 8:03 pm
#1
Forum Regular
Thread Starter
Joined: Jun 2014
Posts: 42
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.
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.
Jun 18th 2020, 9:09 pm
#3
Forum Regular
Thread Starter
Joined: Jun 2014
Posts: 42
Re: Receiving money from family in UK to USA
that’s very helpful, thanks so much Jerseygirl.
Jun 19th 2020, 1:07 pm
#4
Joined: Dec 2001
Location: Dixie, ex UK
Posts: 52,448
Re: Receiving money from family in UK to USA
There may be state tax implications depending on which state you live in.
