Gift Tax in United States

Practical Information

Note: Some of this information was last updated in 1982

A tax that applies to gratuitous transfers of property during the taxpayer’s life. The purpose of the gift tax law is to impose a tax on the donor that measurably approaches the estate tax (in U.S. law) that would have been payable on the donor’s death if the gift (in U.S. law) had not been made and if the property given as a gift was part of the donor’s estate at death. The value of property for gift tax purposes is determined as of the date the gift was made. See also marital deductions (in U.S. law).

(Revised by Ann De Vries)

What is Gift Tax?

For a meaning of it, read Gift Tax in the Legal Dictionary here. Browse and search more U.S. and international free legal definitions and legal terms related to Gift Tax.

Federal Estate and Gift Tax Applicable Exclusion Amount and Tax Law

There are more details about Federal Estate and Gift Tax Applicable Exclusion Amount in thetax compilation of the legal Encyclopedia.