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Reply to "Tax question of gifting"
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[quote=Anonymous]Not a tax expert here, but my understanding is that the amount gets subtracted from the lifetime total that you can give before being hit with inheritance tax (which is millions). So if you want to give $50,000, there's no tax on it for either of you. They just don't want bazillionaires, giving 1 million to each grandkid each year to avoid estate tax down the road. It's a simple form.[/quote]
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