This form is a sample letter in Word format covering the subject matter of the title of the form.
Money Gift Letter For Tax Purposes In Philadelphia
Category:
State:
Multi-State
County:
Philadelphia
Control #:
US-0018LR
Format:
Word;
Rich Text
Instant download
Description
Form popularity
FAQ
How Do I Write a Gift Letter? The donor's name, address and phone number. The donor's relationship to the client. The dollar amount of the gift. The date when the funds were (or will be) transferred. A statement from the donor that no repayment is expected. The donor's signature.
Use Form 709 to report: Transfers subject to the federal gift and certain generation-skipping transfer (GST) taxes.
Taxpayers use IRS Form 709 to report gifts. Filing the form with the IRS is the responsibility of the giver, but it's only required in certain gift giving situations. Take for instance the check Grandma writes for your birthday each year.
More info
Pennsylvania does not have gift tax however, there is a federal gift tax. List all reportable gifts made during the calendar year on one Form 709.Be sure that you are completing the tax return that says "REV-1500 Inheritance Tax. The letter must explain who is gifting the money, where the donor's funds are coming from and the relationship between the donor and the recipient. Recipients don't have to pay taxes or report gifts. You could write her a check for a billion dollars and all she'd have to do is deposit it. Yes, your gift letter needs to be notarized. Also, both the donor needs to sign it to make it valid. Failure to include this letter may prevent processing. Devise: A gift of real property made in a will.
