When it comes to gifting during Christmas, two key concepts to understand are the annual gift exclusion and the ... you will need to file a gift tax return (IRS Form 709). However, filing an ...
Upon a taxpayer making a gift that exceeds the annual exclusion amount, an IRS Form 709 Gift (and Generation-Skipping Transfer) Tax Return is then required to be filed to report the taxpayer’s ...
Knowing the annual gift tax exclusion can save you money and spare ... you may have to file a federal gift tax return (IRS Form 709). But exceeding the limit doesn't necessarily result in owing ...
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