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Subject:  Re: Tax on cash gift? Date:  4/10/2002  3:13 PM
Author:  irasmilo Number:  60165 of 131788

But (I feel stupid asking this) of course I would pay income tax myself on this amount, would I not?

No. A gift is not income. If you earn interest on the money or invest it in something that creates income, then you pay income tax.


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