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Deductions & credits
When a gift's value exceeds $15,000, the giver – not the recipient – is responsible for reporting it on their taxes. This is done on Form 709, United States Gift (and Generation-Skipping Transfer) Tax Return. Read more here.
For gifts valued at $15,000 or less, neither giver nor receiver need to report it.
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April 28, 2021
6:13 AM