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Board of Trustees Rabbi Sally Priesand, President Vincent Petruzziello, Vice President Joseph J. Marmora, Executive Director/ Treasurer Paul L. McEvily, CoExecutive Director/ Secretary Mary Ann ChristopherMaking
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What is making a gift of?
Making a gift of refers to the act of transferring ownership of property or assets from one individual to another without expecting anything in return.
Who is required to file making a gift of?
Individuals who make gifts exceeding the annual exclusion limit set by the IRS are required to file a gift tax return (Form 709).
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To fill out the gift tax return, you should provide details such as the donor's information, the recipient's information, the value of the gift, and any applicable deductions or exclusions.
What is the purpose of making a gift of?
The purpose of making a gift of is to transfer wealth, support loved ones, or reduce the taxable estate of the donor.
What information must be reported on making a gift of?
The information that must be reported includes the names and addresses of the donor and recipient, the description of the gift, its fair market value, and any deductions claimed.
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