How do I report gifts received during the year?
An example of an AI chatbot conversation about reporting gifts for tax purposes.
How do I report gifts received during the year?
You need to report gifts on your tax return if they exceed the annual exclusion limit. For 2023, this limit is $17,000.
What if I received multiple gifts from the same person?
If the total value of gifts from one person exceeds the annual exclusion limit, you may need to file a gift tax return.
Are there any exceptions to this rule?
Yes, certain gifts like those for medical or educational expenses are excluded from the gift tax.
How do I file a gift tax return?
You can file IRS Form 709, the United States Gift (and Generation-Skipping Transfer) Tax Return, to report the gifts.
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