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BOARD OF COMMISSIONERS AGENDA KENYON CITY HALL 709 SECOND STREET KENYON, MN 55946 MAY 3, 2022 9:00 A.M.VIRTUAL MEETING NOTICE Due to concerns surrounding the spread of COVID19, it has been determined
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What is 709 second street?
709 Second Street refers to IRS Form 709, which is the United States Gift (and Generation-Skipping Transfer) Tax Return. It is used to report gifts made during the tax year.
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Individuals who make gifts exceeding the annual exclusion amount ($17,000 for 2023) to any individual or entities, or those who make gifts that require reporting under the generation-skipping transfer tax rules are required to file Form 709.
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To fill out Form 709, complete the relevant sections for the gifts made, including donor information, recipient information, details about the gifts, and any applicable deductions or exclusions. Review the instructions from the IRS for detailed guidance.
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The purpose of Form 709 is to report the transfer of gifts to individuals and to calculate any gift tax owed. It helps the IRS keep track of individual lifetime gifts that may impact estate tax calculations.
What information must be reported on 709 second street?
Form 709 requires the reporting of the name and address of the donor and recipient, description of the gifts, date of transfer, monetary value of the gifts, and any deductions claimed.
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