Definitions for gift tax
gift tax

Princeton's WordNetRate this definition:0.0 / 0 votes

1. gift taxnoun

   a tax imposed on transfers of property by gift during the lifetime of the giver

WikipediaRate this definition:0.0 / 0 votes

1. Gift tax

   In economics, a gift tax is the tax on money or property that one living person gives to another. Items received upon the death of another are considered separately under the inheritance tax. Many gifts are not subject to taxation because of exemptions given in tax laws. The gift tax amount varies by jurisdiction, and international comparison of rates is complex and fluid.

ChatGPTRate this definition:0.0 / 0 votes

1. gift tax

   Gift tax is a federal tax applied to an individual or trust who gives anything of value to another individual. It applies where the value of the gift exceeds a certain threshold, known as the annual gift tax exclusion, currently $15,000 per person per year. If the value of the gift exceeds this amount, the giver, not the recipient, is responsible for paying the tax. The purpose of the gift tax is to prevent individuals from avoiding the estate tax by giving away their money before death.

Matched Categories

1. • Tax

How to pronounce gift tax?

1. Alex

   US English

   David

   US English

   Mark

   US English

   Daniel

   British

   Libby

   British

   Mia

   British

   Karen

   Australian

   Hayley

   Australian

   Natasha

   Australian

   Veena

   Indian

   Priya

   Indian

   Neerja

   Indian

   Zira

   US English

   Oliver

   British

   Wendy

   British

   Fred

   US English

   Tessa

   South African

How to say gift tax in sign language?

Numerology

1. Chaldean Numerology

   The numerical value of gift tax in Chaldean Numerology is: 8

2. Pythagorean Numerology

   The numerical value of gift tax in Pythagorean Numerology is: 6

Examples of gift tax in a Sentence

1. Wells Fargo Dean:

   If you want to use that $14,000 [annual] exclusion, or if you’re going to get into the lifetime exclusion, file the gift tax form, if you want the money back, absolutely you should get it in writing and there should be a contract.

References

1. ^ Princeton's WordNet
   http://wordnetweb.princeton.edu/perl/webwn?s=gift tax
2. ^ Wikipedia
   https://en.wikipedia.org/wiki/Gift_Tax
3. ^ ChatGPT
   https://chat.openai.com