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I've been thinking of getting a gift annuity from a university. I'm told that I would get an "up front" deduction of about 30% of the gift as a deduction (If this comes to more than 30% of our AGI, we would have to spread it out over more than one year.). IN ADDITION, we would be able to take additional small sums each year for the next 16.8 yrs (probably tells how old my wife and I are) at which time the quarterly payments would be fully taxed as income. This seems like an awful lot of deductions. Is this true?

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