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10 Popular Tax Questions

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  4. Where do I deduct the $15,000 gift exclusion I gave my child?

Where do I deduct the $15,000 gift exclusion I gave my child?

Gifts are not deductions on an income tax return. People misunderstand what the $15,000 gift exclusion represents. 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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