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Any entity can gift up to $13,000 per year to anyone that they want to without incurring any gift tax consequences. Ohio follows the federal exemption for gifts so any amount over $13,000 per year would incur a federal gift tax on the entity making the gift. The recipient never has to pay any taxes on a gift as it is not considered income.
Is that 13,000 per calendar year or 365 days from the first gifting?
It is based on a calendar year. So a gift could be made Dec 31, 2010 for the 2010 year and then again in Jan 1, 2011 for the 2011 year.
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