   
|
|
|
|
|
|
| |
The gift tax is a US tax levied on gifts above a certain value. The donor, not the recipient, pays the gift tax. The amount of the gift tax is based on the total amount of all gifts given to an individual recipient in one year. The annual exclusion is the cutoff point below which no gift tax return must be filed. For many years the annual exclusion from the gift tax was $10,000, though this limit is now periodically adjusted upwards for inflation. Spouses can each give an amount less than or equal to the gift tax annual exclusion without concern for the gift tax. For example, if the exclusion were $11,000, a couple could each give $11,000 to their daughter, and could also each give another $11,000 to their son-in-law for a total of $44,000 in one year. The gift tax is closely related to the estate tax. Estate tax law tends to change so, questions about the gift tax and related matters should be directed to an estate attorney or CPA.
Rate this gift tax definition...
|
|
|
|
 |
Where is the market headed? The answer may surprise you. Find out
with the exclusive & Barron's recommended charts of Chart of the Day. |
|
Popular Terms: in escrow, stock split, deferred revenue, implied volatility, cancelled check, FICO score, wholly-owned subsidiary, required rate of return, phantom income, 401a, risk management, average price per share, annual return, margin rate, 144a, ex-dividend, 1031 exchange, ex-dividend date, class C shares, covered put, liquidity ratio, retained earnings, debt service coverage, VIX, current ratio, open position, diluted share, option premium, balance sheet, limit order, deferred tax, inflation, reverse mortgage, 1035 exchange, FTSE, LIBOR, per diem, dividends payable, stock market close, irrevocable trust, Key Rate Duration, APR, real GDP, EBITDA, minority interest, labor relations, Zero Cost Collar, quality assurance, command economy
|
|
| |
