Gift tax is calculated by taking the face value of a taxable gift, less the annual exclusion and lifetime exemption amounts, multiplied by the applicable gift tax rate. Any gift received over the annual exclusion amount ... More »

The U.S. Internal Revenue Service set the annual gift exemption for the year 2015 at $14,000, according to IRS. However, the annual exclusion gifts do not count in the lifetime gift exemption. More » Business & Finance Taxes

In 2014, the maximum gift tax rate is 40 percent. The gift tax rate is the tax rate a person must pay on money he gives away to others. The amount varies from year to year and from person to person. More » Business & Finance Taxes

Vehicle tax, or vehicle excise tax, is calculated by the state and includes the value of the car as determined by the state, the state tax rate minus the exemption for value, and the number of calendar days out of 365 th... More » Business & Finance Taxes

The Internal Revenue Service sets the lifetime gift tax exemption amounts, and taxpayers report this data on Form 709, notes the Internal Revenue Service. In addition to the lifetime gift tax amount, there is an annual g... More » Business & Finance Taxes

IRS Form 709 is used to report taxable gifts to distribute the lifetime use of a person's generation-skipping transfer tax exemption, explains Julie Garber for The deadline to file the form is April 15 of the ... More » Business & Finance Taxes

The annual gift tax exclusion limit for 2014 and 2015 is $14,000 per individual, according to the IRS. The federal gift tax annual exclusion limit can be changed by the IRS any given year. More » Business & Finance Taxes