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  2. Is Your Generosity Taxable? What to Know When Paying for a ...

    www.aol.com/generosity-taxable-know-paying...

    If you exceed the annual tax-free gift exclusion, the overage simply gets applied to your lifetime exemption. Say you give your child $28,000 for their wedding, $18,000 of which is tax-free.

  3. 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."

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

    www.aol.com/finance/worry-gift-tax-pay-30...

    This way, you could give your child up to $34,000 tax-free. Pay expenses directly: Another way to get around the gift tax is to pay wedding vendors directly rather than gifting the cash to your child.

  5. Ask an Advisor: How Much Can I Gift My Son and Daughter-in ...

    www.aol.com/ask-advisor-want-money-son-165240798...

    For example, in 2023 you could each separately gift $17,000 to an adult child for a total $34,000 nontaxable gift, but if just one of you gave the full amount it would trigger Form 709.

  6. Uniform Gifts to Minors Act - Wikipedia

    en.wikipedia.org/wiki/Uniform_Gifts_to_Minors_Act

    Tax law changes in 1986, 2006, 2007 and 2017 known as the "kiddie tax" have substantially reduced the tax savings of UGMAs and UTMAs. [ citation needed ] Until 2018, for beneficiaries under 19 (under 24 if a student), the first $1,000 of unearned income was tax-free, the second $1,000 was taxed at the minor's rate (typically 15%), and the ...

  7. Uniform Transfers to Minors Act - Wikipedia

    en.wikipedia.org/wiki/Uniform_Transfers_to...

    The Uniform Transfers To Minors Act (UTMA) is a uniform act drafted and recommended by the National Conference of Commissioners on Uniform State Laws in 1986, and subsequently enacted by all U.S. States, which provides a mechanism under which gifts can be made to a minor without requiring the presence of an appointed guardian for the minor, and which satisfies the Internal Revenue Service ...

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

    www.aol.com/gift-tax-rates-pay-210701793.html

    The gift tax rate can go up to a maximum of 40% for taxable gifts exceeding the annual exclusion. As a taxpayer, you usually only pay gift tax on the amounts that exceed the allotted lifetime gift ...

  9. Generation-skipping transfer tax - Wikipedia

    en.wikipedia.org/wiki/Generation-skipping...

    The U.S. generation-skipping transfer tax (a.k.a. "GST tax") imposes a tax on both outright gifts and transfers in trust to or for the benefit of unrelated persons who are more than 37.5 years younger than the donor or to related persons more than one generation younger than the donor, such as grandchildren. [1]