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Gift

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Dictionary Says

Definition of 'Gift'

Property, money or assets that one person transfers to another while receiving nothing or less than fair market value in return. Under certain circumstances, the IRS collects a tax on gifts. Transfers of money or property that are given freely or exchanged for less than market value may be subject to the gift tax if the donor has exceeded the annual or lifetime gift exemption.
Investopedia Says

Investopedia explains 'Gift'

If you receive a gift, you aren't required to report it as income; it is the gift giver who is responsible for paying any tax and filing a gift tax return. Gifts of any amount to spouses or political organizations, and payments of tuition and medical expenses on behalf of others, are generally not taxable as gifts. Estate planning can help wealthy individuals avoid paying gift taxes.

Articles Of Interest

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    Gifting Your Retirement Assets To Charity

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  2. In-Depth Guide To Estate Planning

    The process of planning your estate takes careful consideration. Skip any of these important steps, and your estate could be mishandled.

  3. Cut Your Tax Bill With Donor-Advised Funds

    Beat the tax man come April 15 by investing in a charity-friendly fund.

  4. Can I donate stock to charity?

    Giving stock, instead of cash, as a donation can greatly benefit both parties. You will find that most charities, hospitals, schools and other nonprofit organizations will accept stock as a gift ...

  5. Skipping-Out on Probate Costs

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  6. My 80-year-old mother used her Roth IRA assets to make an $11,000 annual gift tax exclusion. Will these still be considered Roth IRA assets?

    Under the current version of the law, any IRA or Roth IRA assets that are gifted while the IRA owner is alive are considered to be a distribution from the IRA to the IRA owner. This means the ...

  7. Can I give stock as a gift?

    Stocks, bonds or any other securities can be transferred as gifts. Giving the gift of stock also has benefits for the giver. If the stock has appreciated in value, the holder can avoid paying ...

  8. Why You Shouldn't Die In 2013

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  9. Tax-Efficient Wealth Transfer

    Taxpayers with large taxable estates were required to take steps to reduce them before 2011.

  10. What To Do When You're Left Out Of A Will

    Discover the legal steps you can take if you are left out of a will and if fighting is worth the effort.
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