Ask Experts Questions for FREE Help !
Ask
    taylorvip's Avatar
    taylorvip Posts: 2, Reputation: 1
    New Member
     
    #1

    Apr 5, 2014, 02:29 AM
    Tax declaration on savings transferred from UK to US
    Hi,

    I am transferring $90,000 to the US to my brother and I wanted to know does he need to declare this as part of his yearly savings / tax returns (I'm aware that I do not need to complete form 3250)

    Do I need to provide a copy of where this $90,000 came from?

    I'm trying to understand the tax system in the US before I transfer to my brother

    What evidence would I need to provide when he does his tax returns on the $90K
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
     
    #2

    Apr 5, 2014, 11:19 AM
    Assuming the $90K is a gift or a transfer of his share of an inheritance, he needs to report NOTHING on ANY tax return he may submit.

    Gifts are not taxable to the recipient, nor is an inheritance (UNLESS he lives in a state with an inheritance tax).

Not your question? Ask your question View similar questions

 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

H1B transferred to Qatar - tax implication [ 5 Answers ]

I have been working in US for the last 7 years on H1B visa. In May I have been transferred to Qatar to work for 2 years. How do I file my taxes this year? Should I report world wide income. What if my spouse gets a job in Qatar . Should I report that income? She is currently on h 4 visa. Do I have...

Tax on savings transferred to the US, non-immigrant visa [ 1 Answers ]

I am in the US on an non-immigrant visa (J), but I have been here for longer than two years, which makes me a resident alien for tax purposes. I intend to move my savings from by bank account in Europe to my bank account in the US (it is not the same bank). The sum is close to $60000. The money has...

Is there a tax for money being transferred to US? [ 1 Answers ]

I'm a non permanent resident in US with a work visa, I'm selling a property abroad and I'm planning to transfer this money via a wire transfer to my US bank account. Do I need to pay taxes as a result of this operation?

Tax on money transferred into us [ 3 Answers ]

Im living in the USA and plan to receive a money transfer of over 100k from my parents overseas. Do I have to report transaction and will I owe taxes on money and if so how much,


View more questions Search