Obviously, you have picked out perfect gifts for everyone on your list. But guess what? At least one of them (maybe more) will be returned, and you'll probably return a gift or two yourself. About 40 percent of Americans take back at least one holiday gift, according to the National Retail Federation.

Because so much of the merchandise returned after the holidays aren't truly gifts—the NRF says retailers will lose $3.7 billion in fraudulent returns this year—about 15 percent of retailers have toughened their return policies, while a majority will loosen them to make it easier for consumers.

So what's it all mean? Hopefully, the gift giver of your not-so-perfect gift was exceptionally thoughtful and included a gift receipt. If you think that's a gauche thing to do, it's not. With so many stores and so many return policies, a gift receipt is the ticket to a smooth return.

Here are some more tips to remember when the wrapping paper is recycled and the gleam is off the gift.

Check store return policies: They vary a lot. Generally, major retailers have 30- to 90-day limits on most merchandise returns — with exceptions, of course. Electronics purchases usually need to be returned within 14 or 15 days. Check the retailers' web sites for return policy details, including restocking fees that apply to certain products, which brings me to the next tip...

Don't open it: If you don't think you're keeping the gift, especially an electronics item, don't take it out of the packaging. It could make the difference of a 15 to 25 percent restocking fee.

Online returns: Some online retailers with brick-and-mortar stores will allow you to return gifts purchased online to stores. "Web only" deals, however, may need to be returned online only. Read the fine print.

You're being watched: Many major retailers are now keeping track of the number of returns an individual makes, with receipts and without. Return too many items and your name may appear on a habitual returners' list, Consumer Reports says. Not fair to habitual shoppers, but chains like Barnes & Noble, Home Depot, and Sports Authority are keeping track and setting return limits to cut back on the growing fraud problem.

Another gift card? Kiplinger.com points to swapagift.com if you've got gift cards you won't use but would like to trade  for ones you would. The trades cost $3.99 each. And if you're not interested in trading, the site offers 60 to 70 percent cash value for cards from certain popular retailers.

LINK: Gift returns: New rules require new tactics [Consumer Reports]