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It is considered a gift. There is no income tax ramifications of making a gift. Gifts are not taxable or reportable by the recipient, or deductible by the giver.
If you gave more than the gift tax exemption, you would be required to file a gift tax return. "Gift Tax" is somewhat of a misnomer. Even though a gift tax return may be required, very few people ever actually pay federal gift tax. The purpose of the gift tax return is usually only to document a reduction in the allowable estate tax exemption.
See https://turbotax.intuit.com/tax-tools/tax-tips/Tax-Planning-and-Checklists/The-Gift-Tax-Made-Simple/...It is considered a gift. There is no income tax ramifications of making a gift. Gifts are not taxable or reportable by the recipient, or deductible by the giver.
If you gave more than the gift tax exemption, you would be required to file a gift tax return. "Gift Tax" is somewhat of a misnomer. Even though a gift tax return may be required, very few people ever actually pay federal gift tax. The purpose of the gift tax return is usually only to document a reduction in the allowable estate tax exemption.
See https://turbotax.intuit.com/tax-tools/tax-tips/Tax-Planning-and-Checklists/The-Gift-Tax-Made-Simple/...Still have questions?
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