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Mobile Phone Policy Summer 2022Mission Statement We show our love for Jesus in all we do and say We celebrate everyone's gifts and talents as we enjoy learning and playing together. We try to follow
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Gifts made can refer to the transfer of money or property from one individual to another without expectation of payment in return. They are documented for tax purposes.
Individuals who have made gifts exceeding the annual exclusion amount to any recipient during the tax year are required to file a gift tax return (Form 709).
To fill out your gift tax return, use IRS Form 709. Report the details of each gift, including the value, recipient, and any deductions that apply, such as exclusions.
The purpose of reporting gifts made is to ensure compliance with IRS rules regarding gift taxes and to track total lifetime gifts in relation to the lifetime exclusion limit.
You must report the date of the gift, a description of the property, the recipient's name, the value of the gift, and any applicable exclusions or deductions.
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