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Are gifts I received taxable?

Lucas Stewart | 2023-05-07 14:54:10 | page views：1430
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Julian Carter

Works at the International Fund for Agricultural Development, Lives in Rome, Italy.
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) by the giver - the receiver of the gift does not report anything. It will not be immediately taxable, but will reduce your lifetime exclusion.
2023-05-07 14:54:10
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Charlotte Henderson

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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) by the giver - the receiver of the gift does not report anything. It will not be immediately taxable, but will reduce your lifetime exclusion.
If I receive a gift of, say, $50,000, from a friend and I give t ...
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