Gift(redirected from in gift)
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Related to in gift: gift tax
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
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