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No. And besides, gifts usually do not affect a Federal income tax return. Gifts are not income to the recipient nor are they deductible by the giver. Some gifts over $14,000 in any one year to any one recipient may require the giver to file a Gift Tax return.
No. And besides, gifts usually do not affect a Federal income tax return. Gifts are not income to the recipient nor are they deductible by the giver. Some gifts over $14,000 in any one year to any one recipient may require the giver to file a Gift Tax return.
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