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  2. Gift tax in the United States - Wikipedia

    en.wikipedia.org/wiki/Gift_tax_in_the_United_States

    A gift tax, known originally as inheritance tax, is a tax imposed on the transfer of ownership of property during the giver's life. The United States Internal Revenue Service says that a gift is "Any transfer to an individual, either directly or indirectly, where full compensation (measured in money or money's worth) is not received in return."

  3. 2024 gift tax rate: What it is, how it works and who has to ...

    www.aol.com/finance/2024-gift-tax-rate-works...

    Here’s how the gift tax works and when you need to report gifts to the IRS. What is the gift tax? ... which in 2024 is $13.61 million for individuals and $27.22 million for married couples. So ...

  4. IRS Increases Gift and Estate Tax Exempt Limits - AOL

    www.aol.com/irs-increases-gift-estate-tax...

    By using the IRS Form 709, you would report the gift and deduct $3,000 from your lifetime exemption of $12.92 million for this year. If you were planning on such a gift in 2024, you would subtract ...

  5. 26 USC 102(c) - Wikipedia

    en.wikipedia.org/wiki/26_USC_102(c)

    Under U.S. Federal law, 26 USC 102(c) governs the income tax treatment, by an employee, of gifts received by an employee from his or her employer. While gifts are typically exempt from gross income under U.S. federal income tax law, this is not usually so for gifts received from employers.

  6. How to Split Gifts on a Tax Return - AOL

    www.aol.com/split-gifts-tax-return-130043216.html

    Gift tax can apply when you give money or other assets to someone else. As the gift-giver, you're responsible for paying any tax due. The IRS allows you to make financial gifts up to a certain ...

  7. Tax returns in the United States - Wikipedia

    en.wikipedia.org/wiki/Tax_returns_in_the_United...

    Tax returns, in the more narrow sense, are reports of tax liabilities and payments, often including financial information used to compute the tax. A very common federal tax form is IRS Form 1040 . A tax return provides information so that the taxation authority can check on the taxpayer's calculations, or can determine the amount of tax owed if ...

  8. Gift tax - Wikipedia

    en.wikipedia.org/wiki/Gift_tax

    In economics, a gift tax is the tax on money or property that one living person or corporate entity gives to another. [1] A gift tax is a type of transfer tax that is imposed when someone gives something of value to someone else. The transfer must be gratuitous or the receiving party must pay a lesser amount than the item's full value to be ...

  9. 'This is a gift': The IRS is waiving $1 billion in penalties ...

    www.aol.com/finance/gift-irs-waiving-1-billion...

    The agency estimates that 4.7 million tax returns — filed byindividuals, businesses, trusts, estates and tax-exempt organizations — are eligible for the relief, which will represent about $1 ...