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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."
When it comes to holiday excitement, few things can top unwrapping a small box on Christmas morning to find a car key inside, then sprinting to the driveway to see a shiny new car all wrapped up ...
Planned giving (less commonly known as gift planning ) is an area of fundraising that refers to several specific gift types that can be funded with cash, equity, or property. These gift vehicles are commonly based on United States tax law , but Canada , the United Kingdom , and other nations are beginning to establish similar laws.
The man has made a gift and would be unable to legally reclaim it because he has given her a present interest in the deed. [2] There is a special exception for engagement rings which most states recognize: the transfer of an engagement ring is subject "to an implied condition that the marriage occur", thus if the engagement ends without a ...
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In a marriage, a couple can pool their individual gift exemptions to make gifts worth up to $30,000 per (recipient) person per year without incurring any gift tax. Second, there is a lifetime credit on total gifts until a combined total of $5,250,000 (not covered by annual exclusions) has been given.