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 The taxes for the gift are due on or be... More » 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 » Business & Finance Taxes Income Tax

The 2014 gift tax rules include the ability for a taxpayer to make an unlimited number of tax-free gifts of no more than $14,000 each to different individuals, explains TurboTax. The lifetime tax-free allowance as of 201... More » Business & Finance Taxes
similar articles

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 » 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 » 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 » 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 » Business & Finance Taxes