gift tax
Generosity's government share
A gift tax is a tax on the transfer of money or property from one person to another when the giver receives nothing or less than full value in return.
In the United States, the giver rather than the recipient pays the tax, though most gifts fall below annual exclusion thresholds: The estate lawyer explained how the gift tax would apply to the inheritance advance.
Property received from ancestors
- bequestGift left by will
- beneficiaryDesignated asset receiver
- heirOne who receives legacy
- estate planningPreparing asset distribution posthumously
probate · executor · trust · will · succession · wealth transfer · decedent · legacy
Release from requirement
- exclusionBeing barred from participation
- thresholdPoint of beginning
- lifetimeDuration of existence
- annualOccurring every year
donee · donor · recipient · giver · reportable · valuation · fair market value · appreciation
Voluntary charitable gift
- philanthropyGenerous giving for others
- nonprofitOrganization serving public good
- charityVoluntary aid for others
- deductionConclusion from premises
endowment · foundation · donor-advised fund · contribution · benefactor · grantmaking · altruism · patronage
Federal tax collector
- filingStoring documents systematically
- returnGo back again
- auditFormal accounts examination
- liabilityLegal or financial obligation
penalty · disclosure · reporting · documentation · appraisal · substantiation · deadline · regulation
inheritance
Property received from ancestors
- bequestGift left by will
- beneficiaryDesignated asset receiver
- heirOne who receives legacy
estate planning · probate · executor · trust · will · succession · wealth transfer · decedent · legacy · testator
exemption
Release from requirement
annual · donee · donor · recipient · giver · reportable · valuation · fair market value · appreciation · basis
donation
Voluntary charitable gift
- philanthropyGenerous giving for others
- nonprofitOrganization serving public good
- charityVoluntary aid for others
deduction · endowment · foundation · donor-advised fund · contribution · benefactor · grantmaking · altruism · patronage
IRS
Federal tax collector
liability · penalty · disclosure · reporting · documentation · appraisal · substantiation · deadline · regulation · statute of limitations
- Tax Rulesdeductions, credits, exemptions, filing status, withholding
- transfer taxestransfer fee, stamp duty, death duties
- giftsgifts, present, presents, Christmas present, retirement gifts
- taxestaxes, withholding, VAT, GST, federal taxes
- Federal TaxesIRS, Form 1040, 1040, W-2, 1099
- taxationVAT, withholding, deductions, deduction, taxpayers
gift taxincome tax
Government charge on earnings
sales tax · property tax · capital gains tax · payroll tax · consumption tax
gift, tax, gifted, taxing, gifting, taxation, taxable, untaxed, regift