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The $10,000 you were told about was the annual amount for gifts that did not have to be reported but that has increased to $14,000. The first $14,000 of the gift to you is not part of teh Gift Tax calculation and would not be taxable to your daughter.
The remainder is reported on form 709 by your daughter BUT there is also a lifetime allowance ($5.45 mil). As long as your daughter has not given away all her lifetime amount, she will not pay any tax on the remaining gift either.
She has to report the gift (because it is over the annual $14k) but no real tax to pay.
Please let me know if you need clarification. If you do not then a positive rating is appreciated so I get credit for the response. (look for the STARS or SMILEY FACES)
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