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Deductions & credits
No, the donor doesn't have to pay taxes if they haven't reached the lifetime exemption, but they do need to file a gift tax return. What you need to file is: Form 709: US Gift (and Generation-Skipping Transfer) Tax Return. Keep in mind, married couples can double the $18,000 and count the gift as a joint gift.
Here is an article you may find helpful: The Gift Tax Made Simple
March 10, 2025
10:41 AM