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jenb2mc
New Member

Who pays the Gift tax?

If I give someone a monetary gift do either of us have to pay any taxes on the money given?
1 Reply
Lakeisha
New Member

Who pays the Gift tax?

Gifts are neither taxable or deductible on your tax return.  Any gift to an individual that exceeds $14,000 in a year requires a separate gift tax return to be filed (Form 709-United States Gift and Generation-Skipping Transfer Tax Return) by the giver - the receiver of the gift does not report anything.


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