Gift


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Related to Gift: gift tax

Gift

An asset of any kind that an individual transfers to another individual while neither receiving nor expecting anything in return. A gift one receives is taxable in the United States, but only if its value exceeds $13,000 (in 2009) and is not specifically excluded. For example, gifts between spouses are not taxable under any circumstances. See also: Estate, Gift Tax.

Gift

A transfer of property from one person or entity to another without consideration or compensation. For income tax purposes, the words "gift" and "contribution" usually have separate meanings, the latter word being used in connection with contributions to charitable, religious, etc., organizations, whereas the word "gift" refers to transfers of money or property to individuals.
References in classic literature ?
For far-seeing Olympian Zeus has given you a wife with many gifts and the blessed gods have brought your marriage fully to pass, and in these halls you go up to the holy bed of a daughter of Nereus.
He never sent gifts for the sake of the neat-ankled maid, for he knew in his heart that golden-haired Menelaus would win, since he was greatest of the Achaeans in possessions and was ever sending messages (44) to horse-taming Castor and prize-winning Polydeuces.
This speaking of small gifts reminds me to say that very few Tuskegee graduates fail to send us an annual contribution.
To my weak judgment it hath ever seemed that his gifts are not equal to his wishes.
Provided that your son is pleased," I added, "and that you are pleased, I shall be equally pleased, for in my secret heart I shall feel as though I had presented the gift.
Next, by a natural transition, the conversation passed to the coming fete- day; whereupon, the old man proceeded to hold forth extensively on the subject of gifts.
But the completer, the positive, soul, which will merely take [25] that mood into its service (its proper service, as we hold, is in counteraction to the vulgarity of purely positive natures) is also certainly in evidence in Amiel's "Thoughts"--that other, and far stronger person, in the long dialogue; the man, in short, possessed of gifts, not for the renunciation, but for the reception and use, of all that is puissant, goodly, and effective in life, and for the varied and adequate literary reproduction of it; who, under favourable circumstances, or even without them, will become critic, or poet, and in either case a creative force; and if he be religious (as Amiel was deeply religious) will make the most of "evidence," and almost certainly find a Church.
But something held him back: not so much [31] a reluctancy of temperament, or of physical constitution (common enough cause why men of undeniable gifts fail of commensurate production) but a cause purely intellectual--the presence in him, namely, of a certain vein of opinion; that other, constituent but contending, person, in his complex nature.
Long Thistle wondered at the beauty round him; and then he went among the shining Spirits, told his tale, and asked a gift.
At length Star-Light bade him work no more, and gladly gave him the gift he had won.
Agamemnon has three daughters, Chrysothemis, Laodice, and Iphianassa; you may take the one of your choice, freely and without gifts of wooing, to the house of Peleus; he will add such dower to boot as no man ever yet gave his daughter, and will give you seven well-established cities, Cardamyle, Enope, and Hire where there is grass; holy Pheras and the rich meadows of Anthea; Aepea also, and the vine-clad slopes of Pedasus, all near the sea, and on the borders of sandy Pylos.
He may offer me ten or even twenty times what he has now done, nay--not though it be all that he has in the world, both now or ever shall have; he may promise me the wealth of Orchomenus or of Egyptian Thebes, which is the richest city in the whole world, for it has a hundred gates through each of which two hundred men may drive at once with their chariots and horses; he may offer me gifts as the sands of the sea or the dust of the plain in multitude, but even so he shall not move me till I have been revenged in full for the bitter wrong he has done me.