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Term Of The Hour

Foreign gift tax: Original post by Jeff Franco of Demand Media The Internal Revenue Service imposes a tax when you make cash gifts to any recipient, regardless of their nationality or country of residence. A U.S. recipient of a foreign cash gift, on the other hand, has an obligation to report it to the IRS, but will not owe tax on it. However, there are exceptions to the tax laws that apply to both the donor and…

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