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Get the free Gift vs Present: What Is the Difference?Mental Floss

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A gift is typically an item given without expecting anything in return, often for special occasions or as a gesture of kindness. A present is generally synonymous with a gift but can also imply something given specifically for a celebration.
Individuals who give gifts exceeding a certain monetary threshold in a tax year are required to file a gift tax return (Form 709) with the IRS.
To fill out a gift tax return, gather information on the gifts given, their value, and the recipient's details. Then, complete IRS Form 709 following the instructions, reporting the necessary information.
The purpose of filing a gift tax return is to report the transfer of assets to another individual without expecting anything in return and to ensure compliance with tax laws regarding gift taxes.
Information required includes the donor's and recipient's names and addresses, the description of the gift, its fair market value, and any deductions or exemptions claimed.
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