A graduated tax assessed against a person who gives money or an asset to another person without receiving fair compensation. A significant amount of each gift is tax-free. There are no exclusion limits on gifts given to a spouse unless the spouse is not a U.S. citizen. The recipient of the gift does not report income except when the gift is a property or stock. The recipient still has to pay taxes if he or she makes a profit from the gift.
Related information about gift tax:
- Gift Tax
Aug 14, 2012 ... The gift tax is a tax on the transfer of property by one individual to another while ... The gift tax applies to the transfer by gift of any property.
- Frequently Asked Questions on Gift Taxes
Aug 1, 2012 ... The donor is generally responsible for paying the gift tax. ... If you are not sure whether the gift tax or the estate tax applies to your situation, ...
- Gift tax in the United States - Wikipedia, the free encyclopedia
A gift tax is a tax imposed on the transfer of ownership of property. The United States Internal Revenue Service says a gift is "Any transfer to an individual, either ...
- The Gift Tax - TurboTax® Tax Tips & Videos
If you give people a lot of money, you might have to pay a federal gift tax. But the IRS also allows you to give up to $13000 in 2012 to any number of people ...
- Estate Tax And Gift Tax Amounts | Bankrate.com
Jan 9, 2012 ... Whether you give away substantial amounts of money during your life or after, you may have to pay tax. Learn more about gift and estate taxes ...
- IRS Raises Yearly Limit For Tax-Free Gifts - Forbes
Oct 18, 2012 ... If you exceed the limits, you could wind up owing gift tax of up to 35%. Even if you don't, your lifetime gifts would reduce how much you can ...
- Gift-tax limits to rise in 2013 - CBS News
Oct 10, 2012 ... Under the law, there are two types of gifts that let people give money tax-free and in unlimited amounts.
- Tax Rules for Gifts « Fairmark.com
And most of the time there's no gift tax, either. But if you give ... We'll explain below how the annual exclusion amount can keep these transfers free of gift tax.