gift tax (Meaning)
Wordnet
gift tax (n)
a tax imposed on transfers of property by gift during the lifetime of the giver
Synonyms & Antonyms of gift tax
No Synonyms and anytonyms found
gift tax Sentence Examples
- In the United States, the gift tax is imposed on transfers of property that are considered gifts.
- The gift tax rate depends on the value of the gift and the relationship between the donor and the recipient.
- There is an annual exclusion that allows individuals to give a certain amount of money or property to another person without having to pay gift tax.
- The lifetime gift tax exemption is the maximum amount of money or property that an individual can give away during their lifetime without having to pay gift tax.
- A generation-skipping transfer tax is a tax that is imposed on gifts that are made to individuals who are two or more generations younger than the donor.
- The gift tax can be a significant factor in estate planning, as it can reduce the value of an individual's estate and thus reduce the amount of estate tax that is owed.
- There are a number of strategies that individuals can use to minimize the gift tax, such as making gifts to charities or using trusts.
- The gift tax is a complex topic, and it is important to seek professional advice if you are considering making a large gift.
- The gift tax is a controversial topic, with some people arguing that it is unfair and should be repealed.
- The gift tax is a major source of revenue for the federal government, and it is unlikely to be repealed anytime soon.
FAQs About the word gift tax
a tax imposed on transfers of property by gift during the lifetime of the giver
No synonyms found.
No antonyms found.
In the United States, the gift tax is imposed on transfers of property that are considered gifts.
The gift tax rate depends on the value of the gift and the relationship between the donor and the recipient.
There is an annual exclusion that allows individuals to give a certain amount of money or property to another person without having to pay gift tax.
The lifetime gift tax exemption is the maximum amount of money or property that an individual can give away during their lifetime without having to pay gift tax.
