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Simple English definitions for legal terms

annual exclusion gift

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A quick definition of annual exclusion gift:

An annual exclusion gift is when someone gives a gift of money, stocks, bonds, or a part of their property to someone else without having to pay taxes on it. The government sets a limit each year on how much can be given tax-free, which is currently $15,000 per person. This type of gift is a way to give to loved ones without worrying about taxes.

A more thorough explanation:

An annual exclusion gift is a type of gift that is usually given in the form of cash, stocks, bonds, portions of real estate, or forgiving debt on a family loan. The amount of the gift must not exceed the annual gift tax exclusion set by the federal government. This means that the gift is tax-free and does not require the recipient to pay any taxes on it.

For the year 2021, the annual gift exclusion amount is $15,000 per donor per recipient. This means that a donor can give up to $15,000 to each recipient without having to pay any gift tax. If the donor gives more than $15,000 to a recipient, they will have to pay gift tax on the excess amount.

Examples of annual exclusion gifts include:

  • John gives his daughter $10,000 in cash for her birthday.
  • Susan gives her son 100 shares of stock worth $15,000.
  • Tom forgives a $12,000 debt that his brother owes him.

These examples illustrate the definition of an annual exclusion gift because they are all gifts that do not exceed the annual gift tax exclusion amount of $15,000. Therefore, they are all tax-free and do not require the recipient to pay any taxes on them.

annual exclusion amount | annual meeting

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Dkk
10:16
Closest I get to Russian is Lazy Square's cartoons. Should watch them. All very short cus he is lazy. https://www.youtube.com/watch?v=sGBkneu30Aw
JumpySubsequentDolphin
10:16
@BulbasaurNoLikeCardio: ohhh you mean septum? I think septum is even less painful than a nostril piercing
warning my discord pfp is fun lol and also i haven't changed my username since high school because i didn't feel like it 😭
10:18
LMAO yeah you have a fun pfp
BulbasaurNoLikeCardio
10:20
Yes the septum, so they don't feel weird or mess with breathing/running at all even when flipped in? At limit
snow
10:23
its been a quiet morning so far
LSDFan
10:23
i have no hope for today
JumpySubsequentDolphin
10:24
idk about septums, i only have nostril pierced @bulb
triplethread
10:24
snow i think we will prob hear back from kent the week of dec 1st
10:24
Past 10am and ....nothing
JumpySubsequentDolphin
10:24
I think UCLA a wave today no?
babycat
10:24
🚑
What time have UCLA waves been at
Dkk
10:24
It's only 7:24 AM. We on the west coast control the time.
thismanatemyson
10:25
UCLA please save me
triplethread
10:25
snow if i dont get invited for an honors college interview i might freak
Dkk
10:25
11:22:24 AM PST, wave will come.
triplethread
10:26
dkk are u a boy or a girl
Dkk
10:26
Wizard 101 told me I was a boy wizard.
triplethread
10:26
ok
BulbasaurNoLikeCardio
10:26
I am thinking it will be slower/quitter until after thanksgiving
snow
10:27
thread im like 90% sure im getting an R, but ive come to peace that this might be my unreasonable R for the cycle
triplethread
10:27
but snow we have the same stats. you'll be fine. i promise. if im this confident you should be too
Dkk
10:27
Only tiktok I will share cus I stay off that site.
I am sorry if you like it, but TikTok is fucking awful
LSDFan
10:28
tiktok is great
triplethread
10:28
i lub tik tok and reddit and instantgram
Dkk
10:29
Nah, lol I hate it @texas. I remember when it was music.ly too and you used to have music.ly cringe compilations.
babycat
10:29
I do not have tiktok either because it makes my brain unhappy
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