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re: One time gifts person to person and tax deduction (updated)
Posted on 6/10/16 at 6:57 pm to Tigerpaw123
Posted on 6/10/16 at 6:57 pm to Tigerpaw123
The recipient of a gift never pays income tax on it, the exclusion prevents the gifter from having to pay gift tax.
The gifter does not get a tax deduction for giving a gift.
The gifter does not get a tax deduction for giving a gift.
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