Tax question , money into U.S
Guys,
I have been given by my parents in the UK a sum of money that i want to send to my BOA account here in Texas. My question is, am I liable to pay any tax on that money if I wire it to my BOA account . If there is any official documentation anywhere I would love to be able to find it. I would hate to pay tax on money that was never in the U.S in the 1st place thanks |
Re: Tax question , money into U.S
Originally Posted by spowell
(Post 11382877)
Guys,
I have been given by my parents in the UK a sum of money that i want to send to my BOA account here in Texas. My question is, am I liable to pay any tax on that money if I wire it to my BOA account . If there is any official documentation anywhere I would love to be able to find it. I would hate to pay tax on money that was never in the U.S in the 1st place thanks However even if they were US citizens, there is an annual exclusion of $14,000 per year per person and any excess can be applied to the $5.34 million lifetime exclusion. What is the Gift Tax and Who Pays It? - Wills & Estates http://en.wikipedia.org/wiki/Gift_tax_in_the_United_States |
Re: Tax question , money into U.S
As I understand it, gift tax (if any) falls on the giver. The recipient doesn't owe tax.
If the giver is in the UK, and lives for seven years after the gift is given, the tax is zero. However, if the giver dies sooner, HMRC considers all or part to be an inheritance and their estate might have to pay inheritance tax: HM Revenue & Customs: Inheritance Tax If the giver dies within 3 years, 100% is taxable. 3 to 7 years is prorated. |
Re: Tax question , money into U.S
Don't forget if the number is big enough to report the money on the 2014 FBAR and Form 8938.
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Re: Tax question , money into U.S
Originally Posted by spowell
(Post 11382877)
I have been given by my parents in the UK a sum of money that i want to send to my BOA account here in Texas. My question is, am I liable to pay any tax on that money if I wire it to my BOA account. ....
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Re: Tax question , money into U.S
Originally Posted by Cook_County
(Post 11388856)
Don't forget if the number is big enough to report the money on the 2014 FBAR and Form 8938.
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