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Deductions & credits
Don’t monkey around. There is a financial crime called “structuring“ which means structuring a transaction to avoid reporting requirements. You can be guilty of structuring even if the underlying transactions are technically legal. Form 709 is a reporting requirement so that the IRS can track large gifts against your lifetime limit, but you won’t actually have to pay tax unless your lifetime gifts have already exceeded $12 million.
June 7, 2022
8:30 PM