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Do you have to list a money gift on your federal tax form?


The BIDaWIZ Team's Answer:

No: a gift is not reported on your income tax return. Instead, a gift

is filed, if applicable, on a gift tax return [Form 709]. The annual gift tax exclusion

amount = $13,000 per donor. For example, if your parents give

you $26,000, the entire gift is exempt, from the gift tax [i.e $13,000

per donor].

The BIDaWIZ Team



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