Download Gift Tax
Background. The gift tax is imposed by the irs if you transfer money or property to another person without receiving at least equal value in return. Two things keep the irs' hands out of most people's candy dish:
Updated for tax year 2020.
For something to be considered a gift, the transfer must be gratuitous (without compensation) or the receiving party pays an amount less than the item's full value. The gift tax is a tax on the transfer of property by one individual to another while receiving nothing, or less than full value, in the tax applies whether the donor intends the transfer to be a gift or not. A gift tax is a transfer tax, a tax applied to an individual giving anything of value to another person. How does the gift tax work?
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