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The G IT OF E EDUCATION This contribution amount of $ is presented to from on the date of. Gifts come in many forms. Some are more fun today, and some can be more valuable tomorrow. Down the road,
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What is the gift?
A gift is something given to someone without the expectation of receiving something in return.
Who is required to file the gift?
Individuals who have given gifts above a certain threshold set by the IRS may be required to file a gift tax return.
How to fill out the gift?
The gift tax return, Form 709, must be completed and submitted to the IRS for gifts above the annual exclusion amount.
What is the purpose of the gift?
The purpose of the gift tax is to prevent individuals from avoiding estate taxes by giving away their assets before they pass away.
What information must be reported on the gift?
The gift tax return must include information about the donor, the recipient, the value of the gift, and any deductions or exclusions claimed.
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