For Gift Tax we have terms and definitions in 6 topics. The topics are Charitable Donations, Finance, Frauds and Scams, Fundraising, Homeowners Insurance and Investing.

Gift Tax (Charitable Donations)

Tax on gifts generally paid by the person making the gift, rather than the recipient.

Gift Tax (Finance)

A tax assessed on the giver of a property or asset as a gift. A $10,000 federal gift tax exemption exists per recipient. See: Gift splitting.

Gift Tax (Frauds and Scams)

A graduated tax assessed to a donor by the federal government and most state governments when assets are gifted from one person to another. As the gift's value increases, so does the tax rate. The Economic Recovery Tax Act of 1981 permits a donor to give $10,000 a year per recipient free of the federal gift tax ($20,000 to a married couple). The gift tax is calculated on the dollar value of the asset being transferred above the $10,000 exemption level.

Gift Tax (Fundraising)

A tax imposed on gifts made during life. The manner of imposition is virtually the same as for the estate tax but taking into account such things as the fact that a living person can make gifts many times over many years, but an estate tax is only imposed once. The unified transfer tax credit is available for gift taxes as well as for estate taxes. Some states also impose gift taxes; check the law of your own state. See also:Future Interest

Gift Tax (Homeowners Insurance)

A federal tax is levied on gifts if they exceed the annual limit of $10,000 per person.

Gift Tax (Investing)

A graduated tax assessed to a donor by the federal government and most state governments when assets are gifted from one person to another. As the gift's value increases, so does the tax rate. The Economic Recovery Tax Act of 1981 permits a donor to give $10,000 a year per recipient free of the federal gift tax ($20,000 to a married couple). The gift tax is calculated on the dollar value of the asset being transferred above the $10,000 exemption level.

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