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Submitted 189 days ago...

Onanism571

New User (1)

Can you reduce the amount of taxes you pay by giving your children a gift of money each year?

We are retired at age 60 and our retirement income is $133,000 annually. Instead of paying a large amount in taxes, can we give our children a gift of money each year and deduct that from our taxes? We also give over 10 percent to church and charities already, as well as having home mortgage interest as a deduction.

We are looking for a tax break!

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