My grandfather is advancing in years and has moved in to an senior citizen's home. He has decided to sell his former home and distribute the proceeds between his descendants. He is a resident and citizen of the UK.
I am fortunate enough to be one of the recipients of said proceeds. However I am a UK citizen resident in the US and paying taxes there (on a visa, technically I am a non-resident alien but I have been here for a number of years and plan to stay). I am interested to know what the tax implications of this transfer will be.
Will he or I be liable for any taxes in either country?
How would I list this on my US tax return?
Would the answers be different if the worst should happen and he passes on before or shortly after the transfer?
Note: What are the US gift tax rules for gifts from non-US persons? is a potential dupe, but the answer is a guess and doesn't address the more specific questions I have.