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Top giftsWhat is your best sellingHoliday item?Compiled by Sally RummelBig Buddha purses, Lysse leggings and tops, wraps and ponchos. Cheryl FonsSpa Naturelle, FentonCandles, soaps, unusual holiday dcor. Kirsty RisingThe Iron Grate, FentonDiamond stud earrings in our Tradeup Program. Mary Ann BeltinckSawyer Jewelers, FentonCoffee table books like A Hard Days Write: The Stories Behind Every Beatles Song. Karen PiacentiniFentons Open Book, FentonHoliday happeningsfor

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What is top gifts?

Top gifts refer to the most significant gifts or donations that exceed a certain value, which often need to be reported to tax authorities.

Who is required to file top gifts?

Individuals or entities that give gifts above the annual exclusion limit set by tax authorities are required to file top gifts.

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To fill out top gifts, you need to provide details such as the donor's and recipient's information, the value of the gift, and any applicable exemptions or deductions.

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The purpose of top gifts reporting is to ensure compliance with tax laws, maintain transparency in large transactions, and potentially assess gift taxes.

What information must be reported on top gifts?

Information that must be reported includes the names and addresses of the donor and recipient, description of the gift, date of the gift, and the fair market value.

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