Gift tax qustion
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I would imagine that all food, lodging, clothing, education, shelter and everything else similar
provided to a child would be the duty of the parents and would be considered support, including transportion, perhaps even a car and would NOT be a gift. I plan to purchase a new car for my daughter soon which WILL be a gift since it is not essential. Since my wife and myself will each contribute to the $22,000 cost of the car and we can each contribute $12,000, NO gift tax return will be required.Comment
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