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WebWashington’s gift tax exploits this situation, assessing the maximum deductible amount on property transferred. From a practical point of view, taxpayers see no bottom-line … WebApr 30, 2024 · It Must Be a “Bona Fide Gift”. This means that you can’t sell your gun to a family member, barter for it, or exchange it for services. It has to be purely a gift. If … WebAug 5, 2024 · The Gift Tax Return: Form 709. Form 709 is the IRS tax return that must be filed when a gift is made exceeding the annual exclusion amount. For example, assume you gave $25,000 to your friend. Because the gift is above the annual exemption, the IRS deems it a “taxable “ gift. As such, the following occurs: longman high frequency words