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Deductions & credits
the $26K gift would require a gift tax return but you would likely owe no tax. the excess $11K would reduce your lifetime exemption. i say likely because you probably haven't exhausted your $15.7 lifetime exemption. beware there is no annual exclusion for certain types of gifts. Why $15K? write to Congress to ask. they are the ones that enact the tax laws, not the IRS.
‎October 7, 2021
10:28 AM