Overseas Cash Gift Recieved but returned later, Tax Implications

USA Discussion in 'General Tax Discussion' started by behlg1188, Nov 16, 2018.

  1. behlg1188


    Nov 16, 2018
    Likes Received:
    I am a US Taxpayer and received $100K as a "Gift" from my uncle who lives in UK, Few months later (same tax year) I have decided to return the entire $100K back to him; How does these 2 transactions need to be reported and what are the tax implications? who needs to fill which form? Appreciate the Response.
    behlg1188, Nov 16, 2018
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