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Deductions & credits
"Gift Tax" is somewhat of a misnomer. Even though a gift tax return may be required (by the family member, not you), very few people ever actually pay federal gift tax. The purpose of the gift tax return is usually only to document a reduction in the allowable estate tax exemption.
See https://turbotax.intuit.com/tax-tools/tax-tips/Tax-Planning-and-Checklists/The-Gift-Tax-Made-Simple/...
‎June 12, 2022
5:22 AM
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