Federal Gift Tax What is the gift tax? It is a federal tax on assets given away during the lifetime of a donor. The estate tax is a tax on assets transferred to heirs after the passing away of the owners. The annual gift tax exclusion enables gifting any number of people up to $15,000 […]
federal gift tax
Tips to check if your gift is taxable
If you gave money or property to someone as a gift, you may owe federal gift tax, which means your gift is taxable. Many gifts are not subject to the gift tax, but the IRS offers the following eight tips about gifts and the gift tax. Most gifts are not subject to the gift […]