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How To Borrow $ From Family And Friends

If You Are Going To Ask For A Gift

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Keep in mind that everyone is allowed in 2017 to give a gift of $14,000 per year ($28,000 per couple) to each person per year without any gift tax considerations. This is known as the "Annual Gift Tax Exclusion."

There is no limit if a person pays your medical expenses directly to the health care provider.

Gifts from one spouse to another are not subject to these annual gift tax exclusion rules. The gift taxes exempt any and all gifts from one spouse to another.

When you receive a gift, you do not have to pay any taxes on the gift.

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