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Gift Acceptance Policy Purpose of this Tool Notforprofit entities (NPS) and donors alike can achieve clarity by working together to create gift instruments that include the important details on which
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A gift is a voluntary transfer of property or funds from one individual to another without expectation of payment or compensation.
Individuals who make gifts exceeding the annual exclusion amount, as defined by the IRS, are required to file a gift tax return.
To fill out a gift tax return, use IRS Form 709 and provide details about the gift, the recipient, and the value of the gift.
The purpose of reporting a gift is to ensure compliance with tax laws and to track the transfer of wealth for tax purposes.
Information such as the names of the donor and recipient, the date of the gift, a description of the property, and the fair market value must be reported.
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