Tonight, an amazing story out of New Jersey. One man felt compelled to give back and did so in a very big way today by paying off more than $10,000 in layaway orders at a Cherry Hill Toys R Us. Eyewitness News reporter Henry Rossoff has this story highlighting the true reason for the season. It has been pretty incredible to watch this unfold. People in the store say it is not uncommon for this time of year for someone to walk in, play the role of Santa Claus, and pay for a few items. However, for one person to pick up so many items, more than ten thousand dollars' worth, that is just unprecedented. There is a bit more buzz this Black Friday at the Cherry Hill Toys R Us. "I'm so thankful, I'm just super excited," says one customer. Early this morning, a man who goes by Charlie Kay walks in and tells our Pat Gallen live on TV that he is paying off all the layaway orders. When asked what made him want to do something like that, he responds, "Just, you know, trying to bring some happiness to people. That's really it. Bring back to the community that brought so much happiness to me and my family." Charlie ends up covering 62 orders, not everything, but still a whopping ten thousand seven hundred eighty dollars' worth. "We usually have Secret Santas, but not many like Stephanie Dawson," says a store employee. Stephanie heard about the interview and rushed to the store to find out she is among the lucky recipients. For her, the gift represents seven presents worth two hundred dollars for her grandchildren. "I want to say thank you very much. I appreciate it and thank God for you," she expresses. Others, like Jessica Key,...
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Do i have to report a gift of $10 00 Form: What You Should Know
Form 709 — Gifts by Individuals | IRS | Gifts by Corporate Entities | IRS As a “covered giver,” the person receiving the gift also has to file Form 8938, which shows information about the gift. A giver, therefore, may or may not have to report the source of the gift. Do I have to Pay tax on the value of a gift to family members? The Internal Revenue Code gives everyone the same rules regarding gifts, both to one and to many. If a charitable gift is to a member of your family -- even if your gift is for a relative who is not a U.S. resident -- you must file a gift tax return and pay tax on the value, even if you do not itemize deductions.  Gifts and Other Tax-Benefit Agreements by TurboT ax, LLC. | TurboT ax 28 Jul 2024 — You will need to file a gift tax return if you make a taxable gift, and you are a covered giver, such as an individual who is not a U.S. or Canadian citizen or resident. If you made a gift valued at more than the annual exclusion amount, the value of the gift is taxable, and you will owe tax on its value, even if you do not itemize deductions for the year.
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