From the most general perspective, if you've given oven $14,000 in gifts throughout the course of a year, you may be required to complete Form 709, United Stats Gift (and Generation-Skipping Transfer) Tax Return. This form would be filed at the same time when preparing your 2015 federal tax return. For a complete definition of "gifts" feel free to call and speak with one the tax specialists at Flower City Tax in Rochester.
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