gift tax

gift tax
gift tax n: an excise tax imposed on a donor for gifts of property made during the donor's lifetime see also annual exclusion, gift 3 split gift at gift, unified transfer tax compare death tax, estate tax, generation-skipping transfer tax

Merriam-Webster’s Dictionary of Law. . 1996.

gift tax
n.
A tax imposed on gifts.

The Essential Law Dictionary. — Sphinx Publishing, An imprint of Sourcebooks, Inc. . 2008.


gift tax
Federal taxes assessed on any gift, or combination of gifts, from one person to another that exceeds $13,000 in one year. Several kinds of gifts are exempt from this tax: gifts to tax-exempt charities, gifts to your spouse (limited to $133,000 annually if the recipient isn't a U.S. citizen), and gifts made for tuition or medical bills. In addition to the annual gift tax exclusion, there is a $1 million cumulative tax exemption for gifts. In other words, you can give away a total of $1 million during your lifetime — over and above the gifts you give using the annual exclusion — without paying gift taxes.
Category: Wills, Trusts & Estates → Estates, Executors & Probate Court
Category: Wills, Trusts & Estates → Living Trusts & Avoiding Probate
Category: Wills, Trusts & Estates → Wills

Nolo’s Plain-English Law Dictionary. . 2009.


gift tax
n. A tax levied on the value of property given as a gift, imposed upon the donor of the gift

Webster's New World Law Dictionary. . 2000.

gift tax
n.
   federal tax on large gifts. Gifts to members of a family may be up to $10,000 a year to each plus an additional $30,000 accumulation of gifts is allowed tax-free. Several states also impose gift taxes. As with all tax questions, professional assistance in gift tax planning is vital.

Law dictionary. . 2013.

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Look at other dictionaries:

  • Gift Tax — A federal tax applied to an individual giving anything of value to another person. For something to be considered a gift, the receiving party cannot pay the giver full value for the gift, but may pay an amount less than its full value. It is the… …   Investment dictionary

  • gift tax — A tax assessed on the giver of a property or asset as a gift. A $10,000 federal gift tax exemption exists per recipient. Bloomberg Financial Dictionary See: gift splitting. Bloomberg Financial Dictionary * * * gift tax gift tax ➔ tax1 * * * gift… …   Financial and business terms

  • gift tax — noun a tax imposed on transfers of property by gift during the lifetime of the giver • Hypernyms: ↑tax, ↑taxation, ↑revenue enhancement * * * noun : a tax that is imposed by the federal government and a number of states in the United States… …   Useful english dictionary

  • Gift tax in the United States — A gift tax is a tax imposed on the gratuitous transfer of ownership of property.The tax is generally imposed on the donor (the giver) rather than on the recipient. A transfer is completely gratuitous where the donor receives nothing of value in… …   Wikipedia

  • Gift Tax Return — A federal tax form that must be filled out by any individual who gives a gift that exceeds the annual or lifetime exempt gift amount established by the IRS. For example, if the annual gift tax exemption is $13,000 per recipient, anyone who gives… …   Investment dictionary

  • gift tax — a tax imposed on the transfer of money or property from one living person to another by gift, payable by the donor. * * *       a levy imposed on gratuitous transfers of property i.e., those made without compensation. Provisions for such taxes… …   Universalium

  • gift tax — An excise tax on the transfer by a living person of money or other property by gift. A tax imposed on the transfer of property by gift inter vivos without relation to the death of the donor, being distinguished from succession or estate taxes… …   Ballentine's law dictionary

  • gift tax — /ˈgɪft tæks/ (say gift taks) noun tax paid at the time of making a gift of more than a government nominated value. Also, capital transfer tax …  

  • gift tax — A US federal tax on property given away, levied on the donor …   Big dictionary of business and management

  • gift tax — / gɪft tæks/ noun a tax on gifts (only gifts between husband and wife are exempt) …   Dictionary of banking and finance

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