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To: mvpel
I believe the giver may pay any applicable gift taxes and as you said, it's doubtful whether any one gift exceeded the limit.

However, the I.R.S. says you have to pay income taxes, whatever the source of your income. If you successfully rob a bank, the I.R.S. expects demands you declare the proceeds as income.

156 posted on 06/30/2012 1:23:32 PM PDT by Graybeard58 (Come quickly Lord Jesus.)
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To: Graybeard58

It’s not clear to me that a taxed gift (which has a large annual exemption) is brought also into wage/earned income to be doubly taxed. Though in the Roberts regime where all taxes are fair, who knows?


164 posted on 06/30/2012 1:38:46 PM PDT by raccoonnookkeeper (I keep raccoons in a nook!)
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