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LIVE & SILENT AUCTIONS FRIDAY, APRIL 3FOOLS FIVE ROAD RESIDENT AUCTION 5:00 8:00 PM LIVE AUCTION 6:00 pm Lewiston Community Center Doors open at 4:30 pm, food and beverages will be available. ENTRY

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Form 709, also known as the 'United States Gift (and Generation-Skipping Transfer) Tax Return,' is required for reporting gifts that exceed the annual exclusion amount set by the IRS. Specifically, it is for reporting gifts made by an individual that, together with any prior gifts made, exceed the lifetime gift exemption.

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Any individual who makes gifts in excess of the annual exclusion amount or who gives gifts that cumulatively exceed the lifetime exemption amount is required to file Form 709.

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To fill out Form 709, individuals must include details such as the name and address of the donor and recipient, the date of the gift, a description of the property gifted, its fair market value, and any applicable deductions. Additionally, the form requires reporting of any gifts made to spouses or charities.

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The purpose of Form 709 is to report taxable gifts for the year, help taxpayers adhere to federal tax laws regarding gift taxation, and to account for the lifetime exclusion limit on gifts.

What information must be reported on over 2700 gifts to?

The information that must be reported on Form 709 includes details about the donor, a summary of the gifts made, the value of each gift, the recipients, and any deductions or exclusions that apply.

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