USA Overseas Cash Gift Recieved but returned later, Tax Implications


Joined
Nov 16, 2018
Messages
1
Reaction score
0
Country
United States
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.
 

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. After that, you can post your question and our members will help you out.

Ask a Question

Top