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Posted on May 30, 2024

Tim receives a $25,000 gift from his parents for a down payment on a house. They know he cannot buy a house without their help.

Tim receives a $25,000 gift from his parents for a down payment on a house. They know he cannot buy a house without their help. They write gift in the memo line of the check. How much of the gift is taxable to Tim? Please explain answer detailed.

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