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  2. Gift tax in the United States - Wikipedia

    en.wikipedia.org/wiki/Gift_tax_in_the_United_States

    Gifts above the annual exemption amount act to reduce the lifetime gift tax exclusion. [14] Congress initially passed the gift tax in 1932 at a much lower rate than the estate tax, a full 25% under the estate tax rate, while also providing a $50,000 exemption, separate from the $50,000 exemption under estate tax. [15]

  3. Estate tax in the United States - Wikipedia

    en.wikipedia.org/wiki/Estate_tax_in_the_United...

    In addition, a maximum amount, varying year by year, can be given by an individual, before and/or upon their death, without incurring federal gift or estate taxes: [4] $5,340,000 for estates of persons dying in 2014 [5] and 2015, [6] $5,450,000 (effectively $10.90 million per married couple, assuming the deceased spouse did not leave assets to ...

  4. Economic Growth and Tax Relief Reconciliation Act of 2001

    en.wikipedia.org/wiki/Economic_Growth_and_Tax...

    The maximum estate tax, gift tax, and generation-skipping tax rate, which was 55% in 2001 (with an additional 5% for estates over $10,000,000 in order to eliminate the benefit of the lower estate tax brackets) was reduced to 50% in 2002, with an additional 1% reduction each year until 2007, when the top estate tax rate became 45%.

  5. If I Give My Child $30,000 Towards Their Wedding, Do I Have ...

    www.aol.com/worry-gift-tax-pay-30-122213798.html

    This lifetime limit is known as the basic exclusion amount or lifetime exemption and it’s adjusted each year for inflation. ... Gift amounts over $17,000 must be reported to the IRS on Form 709 ...

  6. Tax Tips: Gift taxes - AOL

    www.aol.com/news/2008-04-03-tax-tips-gift-taxes.html

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  7. What Are Gift Tax Rates and When Do You Have To Pay? - AOL

    www.aol.com/gift-tax-rates-pay-190000114.html

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  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. IRS Increases Gift and Estate Tax Exempt Limits - AOL

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

    If a gift exceeds the annual limit ($17,000 this year, $18,000 in 2024), that does not automatically prompt a gift tax. ... For 2024, the annual amount that one may give to a spouse who is not a ...