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Are gifts & money given to your children considered taxable?


The BIDaWIZ Team's Answer:

The annual gift tax exclusion is $13K, per donor. Thus, you can give child

up to $13K, per year, without a gift tax liability. If married, your spouse can do the

same. Thus, a married couple can give each child up to $26K, per year,

without incurring a gift tax liability.

The BIDaWIZ Team



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