Get the free Make a Gift to the Bangor Humane SocietyBangor, Maine
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How to donate online: Visit https://bangordailynews.com/support How to donate by check: Please complete and include the slip below with your check, and mail to: Bangor Daily News donations 1 Merchants
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What is make a gift to?
Make a gift to refers to transferring ownership of property or assets to another person or entity voluntarily without receiving compensation in return.
Who is required to file make a gift to?
Individuals who transfer assets with a total value exceeding the annual exclusion limit set by the IRS are required to file a gift tax return.
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To fill out a gift tax return, individuals must provide information about the donor, recipient, and details of the gifted property or assets.
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The purpose of filing a gift tax return is to report and potentially pay taxes on the transfer of assets that exceed the annual exclusion limit.
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Information such as the donor's and recipient's details, description of the gifted property, fair market value of the gift, and any prior gifts made by the donor must be reported on a gift tax return.
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