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Gift
Tax.
A
federal tax attached to a monetary gift to a friend or family
member. In general, each person may give up to
$10,000 annually to each recipient without imposition of
federal taxation. On gifts of more than $10,000 taxes
may be imposed and may affect the donor's state
taxes.
For
instance, John and his wife have 5 children. Each year,
together, they can give $20,000 to each child, totaling
$100,000. That $100,000 will not be imposed by gift
taxes.
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