limit

The Internal Revenue Service (IRS) sets an annual limit on the amount of money or property that an individual can give to another person tax-free. This limit is known as the gift tax limit or the annual gift tax exclusion. Exceeding the limit may result in gift tax liability. The gift tax limit is subject … Read more

The gift tax is a tax on the transfer of property by gift. The gift tax is imposed on the donor, not the recipient, of the gift. However, the recipient may be liable for the gift tax if the donor does not pay the tax. The gift tax rate is a progressive rate, which means … Read more