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The U.S. generation-skipping transfer tax (a.k.a. "GST tax") imposes a tax on both outright gifts and transfers in trust to or for the benefit of unrelated persons who are more than 37.5 years younger than the donor or to related persons more than one generation younger than the donor, such as grandchildren. [1]
The fiscal year 2014 budget called for returning the estate tax exclusion, the generation-skipping transfer tax and the gift-tax exemption to the 2009 level, $3.5 million, in 2018. [45] The exemption amounts set by the Tax Cuts and Jobs Act of 2017 , $11,180,000 for 2018 and $11,400,000 for 2019 again have a sunset and will expire 12/31/2025
A gift tax, known originally as inheritance tax, is a tax imposed on the transfer of ownership of property during the giver's life. The United States Internal Revenue Service says that a gift is "Any transfer to an individual, either directly or indirectly, where full compensation (measured in money or money's worth) is not received in return."
Also called the generation-skipping tax, this federal tax … Continue reading → The post What Is the Generation-Skipping Transfer Tax? appeared first on SmartAsset Blog.
The IRS does, however, allow you to make gifts up to an annual exclusion limit before the gift tax applies. For 2023, the gift tax annual exclusion limit is $17,000 per person.
The Internal Revenue Service is inching closer to 21st century digitization. ... which reports transfers of assets that may be subject to federal gift tax and certain generation-skipping transfer ...