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What is the maximum forex gift allowance can be received for 2017?

The maximum forex gift allowance that can be received for 2017 varies depending on the country of residence and the currency being transferred. In general, gift allowances are set by central banks to regulate the flow of money across borders and to prevent money laundering and other financial crimes.

In the United States, the maximum forex gift allowance for 2017 is $14,000 per year per person. This means that an individual can receive up to $14,000 in gifts from another individual without having to pay any taxes on the money. If the gift exceeds this amount, the recipient may be required to pay taxes on the excess amount.

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In the United Kingdom, the maximum forex gift allowance for 2017 is £3,000 per year per person. This amount can be gifted to an individual or spread across multiple people within a tax year. If the gift exceeds this amount, the recipient may be required to pay taxes on the excess amount.

In Canada, there is no limit on the amount of money that can be gifted to an individual. However, the gift may be subject to taxes if it is considered to be income or if it is used to purchase assets that generate income.

In Australia, the maximum forex gift allowance for 2017 is $10,000 per year per person. This amount can be gifted to an individual or spread across multiple people within a tax year. If the gift exceeds this amount, the recipient may be required to pay taxes on the excess amount.

It is important to note that these gift allowances may change from year to year and may vary depending on the currency being transferred. It is also important to consult with a tax professional before making any large financial transactions to ensure that all taxes and regulations are properly followed.

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