Gift tax
A tax on transfers of property for less than full value. Gifts above the annual exclusion count against the lifetime exemption.
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Related Terms
Annual exclusion
The amount one person can give another each year without gif...
Lifetime exemption
The total amount that can be transferred during life and at ...
Estate tax
A federal tax on the transfer of wealth at death, applying o...
Unified credit
The tax credit that effectively exempts transfers up to the ...