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LSDefine

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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TGM
18:39
@texaslawhopefully: alas, haven’t even gotten an interview (applied around thanksgiving)
18:39
Yeah I would delay as long as you have plausible deniability
TGM
18:40
I actually do have a transcript issue that registrar needs to resolve, should I say that
TGM
18:41
(Course marked as Incomplete that’s supposed to be removed)
TGM
18:41
not sure if I should email them to say that, or just hold off on sending it and not give an excuse
18:41
I think I just wouldn’t reach out and if they ask for them then say that
Dkk
18:41
@tgm Yeah sounds good, say that if they ask
18:47
hey yall
18:47
im premed idk why im here
18:48
we’re like cool and sexy and fun I get it
18:48
true i love ur user
18:49
thank you my little crow friend
Dkk
18:50
Med law easy done
medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
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