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If I Give $5000 to each of my children - does it reduce my taxes or increase thiers?
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Neither. A gift given to an individual is not reported on your tax return. A gift received from an individual is not reported on a tax return, regardless of the amount received.
If the gift given is greater than $14,000 to a single individual, then the gift giver has to report the gift on IRS Form 709.
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