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Zonta Madison Foundation, Inc. Donation Form Donor Name: ___Date:___This donation is in HONOR or MEMORY or CELEBRATION OF: (Circle One) Name: ___ Please notify the following of the gift. Name: ___
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What is make a gift?
Make a gift refers to the act of transferring property or assets from one individual to another without receiving anything in return, often for the purpose of personal or charitable benefit.
Who is required to file make a gift?
Individuals who make gifts that exceed the annual exclusion amount established by the IRS are required to file a gift tax return.
How to fill out make a gift?
To fill out a gift tax return, you need to complete IRS Form 709, providing details about the donor, recipient, and the value of the gift, along with any deductions or exemptions that may apply.
What is the purpose of make a gift?
The purpose of make a gift is to allow individuals to transfer wealth while taking advantage of annual exclusions, potentially reducing the taxable estate of the donor.
What information must be reported on make a gift?
The information that must be reported includes the name and address of the donor and recipient, a description of the property transferred, the date of the gift, its fair market value, and any previous gifts made to the same recipient.
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