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No, if you were the recipient, you would not have to report or pay tax on the income- it would be considered a gift which is not taxable to the recipient. Just be sure to keep the records of how much you received in case the IRS did ask..
No, if you were the recipient, you would not have to report or pay tax on the income- it would be considered a gift which is not taxable to the recipient. Just be sure to keep the records of how much you received in case the IRS did ask..
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