Gift Tax

See also

A tax that applies to gratuitous transfers of property during the taxpayer’s… (Read more)

United States Tax Concept of Gift Tax

A tax levied on an individual who gives more than $10,000 per year to another individual. Gifts in excess of the $10,000 per donee annual exclusion are subject to gift tax, but the tax may be offset by a unified gift and estate tax credit. Tax credits offset the tax on the first $650,000 of lifetime taxable gifts. That limit will gradually rise to $1 million in 2006. Any part of the credit used to protect taxable gifts will not be available to reduce estate taxes. When the gift tax is owed, it is owed by the giver, not the recipient.

Concept of Gift Tax in the context of U.S. Real Property

A short definition of Gift Tax: A federal and sometimes a state tax on inter vivos transfers without consideration.

Concept of Gift Tax in the context of U.S. Real Property

A short definition of Gift Tax: A federal and sometimes a state tax on inter vivos transfers without consideration.