articles

As of 2014, taxpayers must pay a gift tax after they have gifted more than $5.43 million of excess money during their lifetimes. Parents can gift $14,000 per year to each of their children. More »

www.reference.com Business & Finance Taxes

The main reason for the institution of the gift tax is to prevent individuals from giving away their estates to a select group of people tax-free, reports Intuit. However, and in keeping with this rationale, small gifts ... More »

www.reference.com Business & Finance Taxes

The limit on tax-free gifts is $14,000 per person, as of 2015, according to the Internal Revenue Service. Any amount over this is subjected to gift taxes. More »

www.reference.com Business & Finance Taxes
similar articles

The Internal Revenue Service does not provide a tax estimate calculator but does offer a withholding calculator to help taxpayers understand how much money to allocate to taxes from each pay check. This approach helps pr... More »

www.reference.com Business & Finance Taxes

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

A person can gift money to a family member without paying tax by not exceeding the basic exclusion amount, notes the official web site of the Internal Revenue Service. The basic exclusion amount is a lifetime limit that ... More »

www.reference.com Business & Finance Taxes

Someone who is saying thank you for a monetary gift should acknowledge the money, without mentioning the amount. For example, they should say "Dear Aunt Jude, thank you for your generous gift." More »

www.reference.com Holidays & Celebrations