Gift Taxes

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Gift Taxes

A gift is defined as a transfer of property or other asset for less than full value. This may be accomplished by the gift or property, the gift or the income from a property without the receipt of cash or property of at least equal value. This would include the making of an interest-free or below allowed rate loans. If you have made such a gift, you may be subject to filing and tax obligations. It is the Donor (givers) responsibility for any filing or gift tax responsibilities.

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