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Give and Take? Cash Gift Giving Doesn't Have to Trigger Tax Hit
Am I subject to taxes if I receive $20,000 from my father to pay off a college tuition loan? He does not want to pay the loan institution directly in order to curb his tax burden. Anything I can do to minimize the taxes? My income is only $30,000 per year so any amount of tax will be a burden.
-- Nan Cottril
Nan, ...
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