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The person who gives property or a sum of money to someone other than his spouse is the party responsible for reporting the gift and paying the taxes on the gift, states About.com. The taxes for the gift are due on or be... More »

www.reference.com Business & Finance Taxes

The federal gift tax rule is that when money or property is exchanged without the expectation of receiving at least something of equal value in return, gift tax may apply, according to the IRS. Gift tax often applies to ... More »

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As per the 2015 estate and gift tax rules announced by the IRS, the federal estate tax exemption increases to $5.43 million per individual, while the annual gift exclusion amount remains the same at $14,000, notes Forbes... More »

www.reference.com Business & Finance Taxes
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The rule for the annual gift tax is that when money or property is exchanged without any expectation of receiving something of equal value in return, a gift tax may be imposed, says the Internal Revenue Service. Gift tax... More »

www.reference.com Business & Finance Taxes

Donors must pay a gift tax on transfers of money or property for which they do not receive full compensation, reports the Internal Revenue Service. A number of types of gifts qualify as exceptions to the tax. Donors must... More »

www.reference.com Business & Finance Taxes

Tax exempt refers to a person or company that is not required to pay taxes, such as income taxes, property taxes or sales tax on specific items. Eligible individuals and organizations have a tax exempt ID number to prove... More »

www.reference.com Business & Finance Taxes

Canada does not charge any inheritance tax; however, before distributing money to inheritors, the deceased person's estate must settle final taxes with the Canada Revenue Agency, states TurboTax. These final taxes includ... More »

www.reference.com Business & Finance Taxes