Thread: Gift tax question
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Old 02-26-2007, 07:46 AM
chisness chisness is offline
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Join Date: Apr 2005
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Default Gift tax question
Scenario: someone from the UK gives me (US citizen) a $50,000 wedding gift.

Is there a special gift tax on this or do I simply owe income tax as if my income had increased by the gift value? What about for property? Same thing?
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