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Most Asked Questions

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  4. Where do I deduct the $15,000 gift I gave my child to pay some bills on my tax return?

Where do I deduct the $15,000 gift I gave my child to pay some bills on my tax return?

People often misunderstand what the $15,000 gift exclusion represents as gifts are not deductions on an income tax return. Instead, the $15,000 gift exclusion is the maximum amount you are allowed to gift to one individual without being required to file a gift tax return.

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