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Get your taxes done using TurboTax
You don't have to pay gift tax until your total gifts exceed the lifetime exclusion.
The $15000 limit refers only to the annual reporting requirement. Gifts under that amount don't have to be reported.
Note my edited original reply regarding gifts of tuition.
**Answers are correct to the best of my ability but do not constitute tax or legal advice.
‎June 17, 2019
9:29 AM