annual exclusion gift

annual exclusion gift
A gift that is not subject to federal gift tax because it does not exceed the annual exclusion amount.
Category: Wills, Trusts & Estates → Estate Tax

Nolo’s Plain-English Law Dictionary. . 2009.

Look at other dictionaries:

  • annual exclusion — an·nu·al exclusion n: the maximum amount that a person can give each year as a gift without having to pay a gift tax ◇ The annual exclusion is currently $10,000 per donee. Merriam Webster’s Dictionary of Law. Merriam Webster. 1996 …   Law dictionary

  • annual exclusion amount — The amount that anyone can give to any recipient, free of federal gift tax, in any calendar year. The amount is indexed for inflation and is adjusted by the IRS each year, in $1,000 increments. Category: Wills, Trusts & Estates → Estate Tax… …   Law dictionary

  • Annual Exclusion — The amount of money that may be transferred by gift from one person to another each year without incurring a gift tax or affecting the unified credit. This amount can be transferred in the form of cash or other assets. The annual exclusion has no …   Investment dictionary

  • annual exclusion — The amount each year which can be excluded in computing the gift tax on the donor without using the lifetime exemption …   Black's law dictionary

  • gift tax — n: an excise tax imposed on a donor for gifts of property made during the donor s lifetime see also annual exclusion, gift 3 split gift at gift, unified t …   Law dictionary

  • gift — n 1: an intentional and gratuitous transfer of real or personal property by a donor with legal capacity who actually or constructively delivers the property to the donee with the intent of giving up dominion over the property and investing it in… …   Law dictionary

  • Gift In Trust — An indirect bequest of assets to a beneficiary by means of a special legal and fiduciary arrangement. The purpose of a gift in trust is to avoid taxes on gifts that exceed the annual gift tax exclusion amount. Gift taxes are almost always paid by …   Investment dictionary

  • gift — A voluntary transfer of property to another made gratuitously and without consideration. Bradley v. Bradley, Tex.Civ.App., 540 S.W.2d 504, 511. Essential requisites of gift are capacity of donor, intention of donor to make gift, completed… …   Black's law dictionary

  • Gift tax in the United States — A gift tax is a tax imposed on the gratuitous transfer of ownership of property.The tax is generally imposed on the donor (the giver) rather than on the recipient. A transfer is completely gratuitous where the donor receives nothing of value in… …   Wikipedia

  • Gift Tax — A federal tax applied to an individual giving anything of value to another person. For something to be considered a gift, the receiving party cannot pay the giver full value for the gift, but may pay an amount less than its full value. It is the… …   Investment dictionary

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