gift tax
gift tax definition - finance
A
tax that is assessed on a person who gives assets or money to another person
without receiving fair compensation. Gifts up to $11,000 a year are exempt from
the gift tax. A married couple may give a total of $22,000 to one person as a
gift if each person writes a separate check. A spouse may receive unlimited
gifts free of tax, unless the spouse is a foreigner. Top gift tax rates are at
50%.
Webster's New World Finance and Investment Dictionary Copyright © 2003 by Wiley Publishing, Inc., Indianapolis, Indiana.
Used by arrangement with John Wiley & Sons, Inc.
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