Gift Tax, Explained: 2021 Exemption and Rates
Gift Tax, Explained: 2021 Exemption and Rates
Patrick Villanova Fri, October 29, 2021
The gift tax is a federal tax on the transfer of money or property to another person when equal value is not received in return.
The gift tax is a federal levy on the transfer of money or property to another person when equal value is not received in return. While it may sound cumbersome, most Americans will never pay a cent in gift taxes to Uncle Sam due to several key Internal Revenue Service rules. However, a financial advisor or tax professional can help you determine what your tax liability may be if you plan to give money or property to another person.
What Is the Gift Tax?
When a person gives money or property to someone other than their spouse or dependent, they may be required to pay gift tax. This federal excise starts at 18% and can reach up to 40% on certain gift amounts. The responsibility for paying the tax typically lies with the donor, not the individual receiving the gift. While recipients don’t face any immediate tax consequences, they may have to pay capital gains tax if they sell gifted property in the future.
Not all gifts are subject to this tax, though. Certain gifts are entirely free of tax, including:
School tuition and education payments
Charitable donations
Medical expenses
Political contributions
Gifts to spouses and dependents
The gift tax does not play a significant role in the finances of most Americans because of two key IRS provisions: the annual gift tax exclusion and lifetime exemption.
Annual Gift Tax Exclusion
The gift tax is a federal tax on the transfer of money or property to another person when equal value is not received in return.
The gift tax is a federal tax on the transfer of money or property to another person when equal value is not received in return.
The IRS allows individuals to give away a specific amount of assets or property each year tax-free. In 2021, the annual gift tax exemption is $15,000, meaning a person can give up $15,000 to as many people as they want without having to pay any taxes on the gifts. For example, a man could give $15,000 to each of his 10 grandchildren this year with no gift tax implications.
To continue reading, please go to the original article here:
https://finance.yahoo.com/news/gift-tax-explained-2021-exemption-172716212.html
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