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The Gifts That Keep on Giving With only 4 weeks to go the Christmas season is upon us, and it's time to start dusting off the Christmas jumpers and heading out to purchase gifts for all the family.

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What is form gifts that keep?

Form gifts that keep refers to the IRS Form 709, which is used to report gifts that exceed the annual exclusion.

Who is required to file form gifts that keep?

Individuals who give gifts exceeding the annual exclusion amount are required to file Form 709.

How to fill out form gifts that keep?

Form 709 can be filled out electronically or by mail, and requires information about the donor, recipient, and details of the gift.

What is the purpose of form gifts that keep?

The purpose of Form 709 is to report gifts above the annual exclusion and keep track of the lifetime gift tax exemption.

What information must be reported on form gifts that keep?

Form 709 requires information on the donor, recipient, description of gift, value of gift, and any applicable deductions.

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