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Big Christmas Gift = Big Gift Tax???

If you are thinking about giving the gift of cash in the holiday season, or giving other assets like cars, land or stocks, and are worried about the taxes, the IRS wants you to know about the gift tax and who pays. Micheal Devine from the IRS says most people will not reach the amount that triggers the tax.

Devine says for smaller gifts, there is no need to worry about the gift tax.

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