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Form 709 online Palm Bay Florida: What You Should Know
The total amount of gifts a donor can have to any one person during a year is limited to the sum of the annual exclusion amount and 5,000 per individual. (See section 603, Tax Deduction for Contributions, for details). However, certain gifts are treated as taxable lifetime gifts (section 603(a)(5)). The list of gifts and the amount and date of the gift has to be in the donor's annual return when he/she is required to report it, and must be reported in the tax return for the second later of : (1) the anniversary of filing the statement of allocation of the gift, or (2) the date the gift is made.
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