gift tax


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Related to gift tax: inheritance tax, Form 709

gift tax

n. Federal tax on large gifts. Gifts to members of a family may be up to $10,000 a year to each plus a life-time $30,000 in gifts without tax. Several states also impose gift taxes. As with all tax questions, professional assistance in gift tax planning is vital.

References in periodicals archive ?
Davida and Theo are 60 and 56 years old, respectively, and would like to avoid exhausting their remaining gift tax exemptions too soon while receiving some value for Theo's Beantown membership interest and excluding the appreciation from their estate.
Gift tax revenues were investigated by dynamic time series (absolute increase and rate of growth).
To qualify for the 2014 gift tax exclusion, checks must be cashed before the end of the year.
Despite this knowledge, neither fiduciary paid the gift tax liability and, instead, depleted the assets of both the estate and the trust to pay expenses such as accounting and legal fees and rent on the decedent's empty apartment.
The effect of the sunset would be that the lifetime exclusion for gift tax purposes would revert to the 2002 level of $1 million, and the top tax rate would become 55%.
Life insurance can help replace your estate and gift tax liabilities.
8, 2000, Morgens gifted her income interest from one of the trusts to the remainder interest beneficiaries, resulting in a deemed transfer with a gift tax liability of $2,287,309, which, due to a prior agreement, was paid by the trustees of that trust.
4) If within the year the donor makes only present-interest gifts, and gifts do not exceed a total of $13,000 per donee, the donor will not be required to file a gift tax return for that year and--under most circumstances--have no further income, gift, or estate tax consequences from the gift.
When the estate owner desires to maximize the marital deduction provisions of the federal estate and gift tax law.
Therefore, the $240,000 of income the trust will earn ($400,000 x 60%), will be reported on your tax return costing you approximately $100,000 in income taxes, further reducing your estate with no gift tax implications.
In the course of its gift tax study, SOI collected data from Federal gift tax returns filed by individuals who gave gifts during 1997 and reported those gifts to IRS in 1998.
If Donna disclaims the interest and the property goes to Manuel, Donna is not subject to the gift tax.