Overseas Cash Gift Recieved but returned later, Tax Implications

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

  1. behlg1188

    behlg1188

    Joined:
    Nov 16, 2018
    Messages:
    1
    Likes Received:
    0
    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
    #1
    1. Advertisements

Ask a Question

Want to reply to this thread or ask your own question?

You'll need to choose a username for the site, which only take a couple of moments (here). After that, you can post your question and our members will help you out.