Gift Tax Returns: What You Need To Know: "
By way of background, if you gave more than $14,000 in cash, property or gifts to anyone in 2013, you must report the gift on Form 709. The rules discussed here apply whether you made the gift to family members or to an unrelated friend – a common source of confusion. Other misunderstandings abound and many Form 709s that should be filed are missed. Mistakes can be expensive, leading to back taxes plus interest, and perhaps penalties if you’ve tried to dodge Uncle Sam."
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