US taxes

I remember you mentioned that before.  But if they give me a stupid amount--say over 15 USD and I have it sitting in a joint UK basic checking type account.  Will I not have to file US taxes?  Thanks for bearing with my silly questions. 

The next one would be-- how could I then invest it.   

No, you don’t have to report that gift, it is totally tax free and non-reportable. Even your parents don’t have to report that because in the USA each person can give over $15k to as many people as they want without any need to file the gift form (109?). As a couple they could give him over $60k without having to report it.

As I say, the recipient doesn’t have to report receiving gifts no matter how much.

No, you don’t have to report that gift, it is totally tax free and non-reportable. Even your parents don’t have to report that because in the USA each person can give over $15k to as many people as they want without any need to file the gift form (109?). As a couple they could give him over $60k without having to report it.

As I say, the recipient doesn’t have to report receiving gifts no matter how much.

Its dawning on me slowly but contradicts what I was told in the past.  I get there is a lot of misinformation about.

So, if I accept the money and it goes in a joint UK account, I don't have to file any paperwork for the US?  Or should it go into my partner's account for less hassle?  The joint account is so I can buy groceries and stuff.  It never has much in it.

If my US parent dies before 7 years, will that matter to HMRC? 

Thanks again.



   

Its dawning on me slowly but contradicts what I was told in the past.  I get there is a lot of misinformation about.

So, if I accept the money and it goes in a joint UK account, I don't have to file any paperwork for the US?  Or should it go into my partner's account for less hassle?  The joint account is so I can buy groceries and stuff.  It never has much in it.

If my US parent dies before 7 years, will that matter to HMRC? 

Thanks again.



   

You don’t need to report the gift at all to the IRS or HMRC.  As always if you, the USC, have foreign accounts that amount to greater than $10k at any point in a calendar year then the following year they will have to be reported on an FBAR filing. This is not part of your IRS return or anything to do with the receipt of a gift, just the usual annual online report all US persons have to give to the Treasury through this site

https://www.fincen.gov/

If the US person providing the gift is not resident in the UK then the 7 year countdown clock is irrelevant.