Search results
Results from the WOW.Com Content Network
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."
Home & Garden. Medicare. News
The gift tax may apply regardless of the purpose or recipient. So, for example, giving an adult child money toward a down payment on a home would not change the taxable nature of the gift.
The donee must accept the gift in order for the property transfer to take place. [1] However, because people generally accept gifts, acceptance will be presumed, so long as the donee does not expressly reject the gift. [2] A rejection of the gift destroys the gift, so that a donee cannot revive a once-rejected gift by later accepting it.
For premium support please call: 800-290-4726 more ways to reach us
The presumption of advancement is a legal presumption which arises in various common law jurisdictions in relation to the transfers of money or other property. Broadly, the presumption states that where a husband transfers property to his wife, or a father to his child or someone to whom he has assumed parental responsibility, then in the absence of other evidence the court will presume that ...
For premium support please call: 800-290-4726 more ways to reach us
For example: When a person having legal title to property dies, heirs at law or beneficiaries per the last will, automatically receive an equitable interest in the property. When an executor or administrator qualifies, that person acquires the legal title, subject to divestment when the estate has been administered so as to allow for the lawful ...