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Have you heard that the U.S. federal government taxes gifts? Believe it or not, you might have to report gifts on a federal tax return if the fair value exceeds certain amounts during the year.

Generally, the donor is required to file all gift tax returns and pay any potential gift taxes. The recipient of the cash or property is not responsible for any gift taxes unless certain exceptions apply (e.g., gifts from nonU.S. persons).

U.S. individuals are allowed an annual gift exclusion of up to $15,000 for the 2020 and 2021 tax years. Any gifts over this amount must be reported.

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DISCLAIMER: The information provided in this video may contain information about tax, financial, and legal topics. Such materials are for informational purposes only and may not reflect the most current developments. These informational materials are not intended and should not be taken as tax, financial, or legal advice. You should contact an advisor to discuss your specific facts and circumstances. Selfhelp services may not be permitted in all states or jurisdictions. The use of these materials does not create an attorneyclient or confidential relationship. This video does not include information about every topic or issue related to these informational materials.

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