Under current tax laws,a person may give any other person up to $14,000 per year in cash or other assets,and neither the giver nor the recipient of the gift has any tax liability for it.

Question

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This is known as the annual gift exclusion and is currently set at $14,000 per year per recipient. Any gift given within this limit is not subject to gift tax for the giver or income tax for the recipient.

Under Current Tax Laws,a Person May Give Any Other Person