Federal gift tax


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Federal gift tax

A federal tax imposed on assets conveyed as gifts to individuals.

Gift Tax

A tax that the federal government levies on givers of gifts in excess of a certain value. If the value of a gift is over a certain amount, which varies from year to year but is always over $10,000, the government assesses the gift tax. The tax applies even if the recipient pays for the gift, so long as he/she does not pay for the full value. Generally speaking, payments for medical, educational, and political purposes are exempt from the gift tax, as are gifts to one's spouse.
References in periodicals archive ?
Due to the $13,000 annual exclusion and $1 million federal gift tax exemption, no federal gift tax is due.
134) Because of the prospect of paying federal gift tax, a potential donor may be deterred from making a gift.
Specifically, once a servicemember has considered the federal gift tax, the financial analysis may continue forward to the state gift tax.
The gift tax annual exclusion amount is the amount an individual can gift per year/per donee without using a portion of his or her federal gift tax exemption or incurring gift tax.
In the course of its gift tax study, SOI collected data from Federal gift tax returns filed by individuals who gave gifts during 1997 and reported those gifts to IRS in 1998.
1 If an individual fully utilizes his/her $5,000,000 individual lifetime federal gift tax exemption amount during 2011 and 2012 and then passes away in 2013 when only $1,000,000 can pass estate tax free, the $4,000,000 excess of the $5,000,000 of taxable gifts over the then-prevailing $1,000,000 federal estate tax exemption amount (subject to a cost-of-living adjustment factor) may be subject to federal estate taxes even though the $5,000,000 in taxable gifts were transferred without incurring any federal gift tax liability at the time they were made during 2011 and 2012.
2002), for the proposition that, in advance of a person's death, no recognized method exists for approximating the burden of the estate tax with a sufficient degree of certitude to be effective for federal gift tax purposes.
Under the Trust's terms, G retains no beneficial interest in, or power over, Trust income or corpus that would cause the transfer to Trust to constitute an incomplete gift for federal gift tax purposes--or that would cause the corpus to be included in G's gross estate for federal estate tax purposes on G's death.
Federal gift tax returns are filed for transfers, or gifts, of property that are completed during a donor's life.
In the interests of full disclosure, John Tierney must release all relevant Federal and Massachusetts state income tax returns for both he and his wife, documents pertaining to any Trust arrangements with or instructions by her brother, any applicable Federal Gift Tax returns given the amounts involved, all Bank of America or other account documents for the eight-year period regarding his wife's handling of money from Eremian's offshore gaming operation (including statements, deposit records detailing all transfers, and checks, withdrawals, and receipts documenting use of these funds), and any other documentation pertaining to the charges against his wife and/or his involvement in her plea negotiations.
stock that have a value equal to my available remaining applicable exclusion amount for the purpose of determining my unified credit for gift tax, as such value is finally determined for federal gift tax purposes.

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