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Question for the Money Doctors

Question submitted on Dec 14, 2011.

Question

If I give $13,000 each to 5 siblings do I or they have any income tax responsibilities. Thank you.

Answer

The donor is generally responsible for paying the gift tax. However, gifts of $13K or less are exempt from gift tax. You can make a gift of $13K to as many individuals as you like with no gift tax consequence.


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