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GIFT TAXES

TheLaw.com Law Dictionary & Black's Law Dictionary 2nd Ed.

A gift that is given from one person to another that is in excess of $12,000 in one year is subject to federal gift taxes. Exemptions exist which include gifts to a tax exempt charity, gifts to a spouse and those that may be for school tuition or medical bills. There are also exclusions for gifts made during your lifetime in the aggregate. The numbers and laws are subject to change.

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