Uniform Transfer Tax


DEFINITION of 'Uniform Transfer Tax'

A combination of federal estate taxes and federal gift taxes. Uniform transfer tax taxes the transfer of assets from the death of a person to their chosen beneficiary as well as when assets are transfered from one individual to another without receiving anything or less than market value in return. The combination of both these taxes creates the uniform transfer tax.

BREAKING DOWN 'Uniform Transfer Tax'

Transfer taxes are usually nondeductible. The Internal Revenue Service (IRS) is in charge of the uniform transfer tax. As the tax can be very complicated, it is best to check with your respective tax authorities to review your exposure.

  1. Gift Tax

    A federal tax applied to an individual giving anything of value ...
  2. Estate Tax

    A tax levied on an heir's inherited portion of an estate if the ...
  3. Internal Revenue Service - IRS

    A United States government agency that is responsible for the ...
  4. Transfer Tax

    Any kind of tax that is levied on the transfer of official documents ...
  5. Gift

    Property, money or assets that one person transfers to another ...
  6. Beneficiary

    Anybody who gains an advantage and/or profits from something. ...
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  1. Why is the Cayman Islands considered a tax haven?

    The Cayman Islands is one of the most well-known tax havens in the world. Unlike most countries, the Cayman Islands does ... Read Full Answer >>
  2. Why is Luxembourg considered a tax haven?

    Luxembourg has been the tax haven of choice for many corporations and mega-rich individuals around the world since the 197 ... Read Full Answer >>
  3. Why is Panama considered a tax haven?

    The Republic of Panama is considered one of the most well-established pure tax havens in the Caribbean due to extensive legislation ... Read Full Answer >>
  4. Why is Andorra considered a tax haven?

    Andorra is one of many locations around the globe considered a tax haven because of its relatively lenient tax laws. However, ... Read Full Answer >>
  5. Can I put my IRA in a trust?

    You cannot put your IRA in a trust while you are living. You can, however, name a trust as the beneficiary of your IRA and ... Read Full Answer >>
  6. How is cost basis calculated on an inherited asset?

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