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POWER OF ATTORNEY NEW YORK STATUTORY GIFTS RIDER AUTHORIZATION FOR CERTAIN GIFT TRANSACTIONSCAUTION TO THE PRINCIPAL:This OPTIONAL rider allows you to authorize your agent to make gifts in excess
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New York statutory gifts refer to gifts that are subject to certain regulations under New York state law.
Any individual who made gifts that exceed the annual exclusion amount set by the IRS must file a New York statutory gifts form.
To fill out the New York statutory gifts form, individuals must provide details of all gifts made during the calendar year that exceed the annual exclusion amount.
The purpose of New York statutory gifts is to track and regulate gifts that may have tax implications.
Individuals must report the details of all gifts made during the year that exceed the annual exclusion amount, including the recipient's name and the value of the gift.
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