Tax on transferring gifted money from UK account to US account

[phem0r 16]

Evening all

I have been living in USA since July 2014 (emigrated from UK), we got married in August 2014, received my work permit December 2014, I've been working since February 2015 and my green card was received on 11th August 2015.

Now, my parents wish to gift my wife and I £50k to assist with our first home purchase. I have used Travelex International Payments before to transfer a 5 figure GBP sum from my own UK account to our joint US account when i emigrated.

I plan to use Travelex again but does anyone know of any tax implications as to if the money is transferred from my parents UK account or my UK account? And if the sum transferred is over X amount will taxes need to be payed on it here?

Thanks in advance for any advice!

[Nich-Nick 3,354]

No tax but there is Form 3520 - Annual Return To Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts

Who Must File?

File Form 3520 if any one or more of the following applies:

4. You are a U.S. person who, during the current tax year, received either:

More than $100,000 from a nonresident alien individual or a foreign estate (including foreign persons related to that nonresident alien individual or foreign estate) that you treated as gifts or bequests; or

More than $15,601 from foreign corporations or foreign partnerships (including foreign persons related to such foreign corporations or foreign partnerships) that you treated as gifts.

Complete the identifying information on page 1 of the form and Part IV. See the instructions for Part IV.

Sounds like you will be under the $100,000 threshold so no report required.

[phem0r 16]

Thank you for that Nich-Nick, greatly appreciated!