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Get your taxes done using TurboTax
"give a friend 10 $2000 gifts, does this count as a single $20000 gift"
Yes, the form 709 requirement is per year.
However, you won't have to actually pay gift tax unless your total lifetimes gifts are more than $13 million. But gifts over the annual exclusion limit must be reported so the IRS can keep track of your large gifts.
‎April 5, 2024
8:17 AM