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Deductions & credits
Your mother might be liable for a gift tax. If she gives you more than the annual gift tax exclusion ($15,000 in 2019), she must file a gift tax return. That still doesn't mean she will owe any gift tax. As of 2019, a taxpayer does not pay gift tax until they have given away over $11.4 million in their lifetime.
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March 25, 2020
11:57 AM