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- A gift or present is an item given to someone without the expectation of payment or anything in return1. An item is not a gift if that item is already owned by the one to whom it is given1. Although gift-giving might involve an expectation of reciprocity, a gift is meant to be free1. A gift can be property, money, or assets that one person gives to another while receiving nothing or less than fair market value (FMV) in return2.Learn more:✕This summary was generated using AI based on multiple online sources. To view the original source information, use the "Learn more" links.
A gift or a present is an item given to someone without the expectation of payment or anything in return. An item is not a gift if that item is already owned by the one to whom it is given. Although gift-giving might involve an expectation of reciprocity, a gift is meant to be free.
en.wikipedia.org/wiki/GiftA gift is property, money, or assets that one person gives to another while receiving nothing or less than fair market value (FMV) in return.www.investopedia.com/terms/g/gift.asp - People also ask
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