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by gnicholas
1257 days ago
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Just FYI, if you're in the US there may be additional taxes owed. I assume that when you say you pay tax on it before sending you mean income tax, not gift tax (which goes up to 40%). IIRC (it's been a while since law school), you actually have to gross up the gift amount to pay for the taxes, which then results in more taxes and more grossing up. Gifting money and paying the gift tax alongside it is a very expensive endeavor. If you're based outside the US, rules may differ. |
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