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‘Big’ gifts cost more than $14K

A lot of folks are not sure how the Annual Gift Tax Exclusion works. First, the gift is not an income tax deduction for the giver. It is not taxable income to the person receiving the gift. Second, Congress decided we don’t have to keep track of small gifts. However, “big” gifts must be reported on the annual form 709 U.S. Gift Tax Return.

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