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my dad passed away about a year ago...i bought the house from the estate at appraised value...i immediately sold the house to my son for the exact same price i bought it from the estate...i am the banker and he has a 30 year mortgage on it payable to me on monthly installments...the interest rate was the prevailing rate for our local banks...
i am going to have interest income to pay taxes on...can i avoid the taxes on the interest by gifting him the interest money on a yearly basis...it will be well below the $14,000.00 limit on gifting?

thanks in advance
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