Gift

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Related to Types of Gifts: Gifts in kind

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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

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.
Copyright © 2008 H&R Block. All Rights Reserved. Reproduced with permission from H&R Block Glossary
References in periodicals archive ?
Bloom bouquets, bunch of roses, and other all types of gifts arrangements are indubitably one of the most desired after gifting options.
But other types of gifts aren't so easily evaluated.
Hisham Geneina, head of Central Auditing Organisation, addressed the prosecutor general with a list of names that received these types of gifts. Between 2006 and 2011, around EGP 50m worth of gifts were found under a bill of advertisement costs by Al-Ahram Foundation.
Don't set the expectation that an animal is a toy or a plaything like other types of gifts. To test the water, try one of the suggestions above first.
But rather than stamp out bribe-taking, the main result has been a shift in the types of gifts given, away from luxury watches and flashy handbags and toward things like gift cards that can be passed on with a handshake or left discreetly in an office, according to several business people.
Soldiers received several types of gifts, from miniature Bibles to mass-produced letters from royalty.