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Gift tax

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 Terms: 13 Asset, ACH, CLU, ECI, Exclusion, FICA, Inc., ITS, Money, Profit, Property, Repo, Tax
Other Related Pages: Category: Taxes Starting With: G
Semi Related Terms: 664 CLICK HERE TO VIEW
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