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How much money can I give someone before they have to pay taxes on it?
Gifts that you received are not necessarily considered as income from the IRS. Surprisingly, it does not matter how large these gifts are. You do not need to report them on your income taxes if they are true gifts.
There are a few considerations on this rule:
Understanding the gift tax exclusion and the rules for giving gifts is complicated and it is always a good idea to speak with an experienced tax lawyer to understand the rules before either giving or receiving items of value.
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