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Gifts10 Practical Wedding Gifts For Your Gay Buddies Mikey Rewedding season unofficially kicks off this month, and with more and more states deeming same-sex marriages legal you're bound to receive

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What is gifts?

Gifts are items or money given to someone without expecting anything in return.

Who is required to file gifts?

Individuals who make gifts above a certain value threshold may be required to report them to the IRS.

How to fill out gifts?

Gifts can be reported on IRS Form 709, United States Gift (and Generation-Skipping Transfer) Tax Return.

What is the purpose of gifts?

The purpose of gifts is to transfer assets to another person or entity without receiving payment in return.

What information must be reported on gifts?

Information such as the value of the gift, the recipient, and any applicable exemptions or exclusions must be reported on gifts.

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