Do you have to file a 1099 if you gift someone over 10,000.00 cash?

I would like to give my brother $10,000 cash and do not want to pay taxes on it.

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you do not file a 1099 for giving a gift. You may need to file a gift tax return for yourself, depending on the amount of any other gifts during the year. This doesn't mean there are any gift taxes due, but it can reduce the taxable exclusion on your estate.

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Answer by Caenaise (165)

No, if it truly a gift, no income taxes are due. However, if the amount of the gift was more than $13,000 (in 2009) then gift taxes would be owed.

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