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Simple English definitions for legal terms

federal gift tax

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A quick definition of federal gift tax:

The federal gift tax is a tax that the government charges when someone gives a gift to another person without getting anything in return. The gift has to be worth more than a certain amount set by the government to be taxed. Right now, that amount is $17,000. This means that you can give someone a gift worth up to $17,000 without having to pay any tax. If the gift is worth more than that, you will have to pay a tax that can be anywhere from 18% to 40% of the value of the gift.

A more thorough explanation:

The federal gift tax is a tax imposed by the federal government on a person who gives property to another person without receiving anything in return. The property given must exceed a certain amount set by the government to be subject to the tax.

For example, if you give your friend a car worth $20,000 as a gift and your friend does not give you anything in return, you may be subject to the federal gift tax.

However, there is a gift exclusion amount that changes each year. As of 2023, the gift exclusion amount is $17,000. This means that you can give up to $17,000 to a person without having to pay the federal gift tax.

If you give a gift that exceeds the exclusion amount, you will have to pay a tax on the excess amount. The federal gift tax rate varies from 18% to 40% depending on the size of the gift.

Overall, the federal gift tax is a way for the government to collect taxes on large gifts that are given without receiving anything in return.

Federal Deposit Insurance Corporation (FDIC) | federal judiciary

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THATS SO FUNNY
i cant i would go crazy
JumpySubsequentDolphin
20:50
i need to know who decided to do that.
JumpySubsequentDolphin
20:50
omg im on a plane weeeee
the devil
youre on a plane??? LSD made the mile high club??
20:50
yo splitterus are you in school already
20:50
it says ur c/o 2027
JumpySubsequentDolphin
20:51
@SplitterusClitterus: HAHAH yes
ur user is hilarioussss and no i just graduated this may and am now applying ---also im out of messages so ill take a lil
20:52
roger dat. see u in heck
im back, r u applying this cycle too
JumpySubsequentDolphin
21:32
this child fell asleep on me
JumpySubsequentDolphin
21:32
im so uncomfortable
just push him off the entire seat
JumpySubsequentDolphin
21:34
LMAOOOO
JumpySubsequentDolphin
21:35
no he’s literally like 8 and he fully just put his head on my bicep and slept
JumpySubsequentDolphin
21:35
he has since moved
22:12
@SplitterusClitterus: me yesterday
gulc baby pls text me back... i miss you ...... :(
22:23
i just went into a discord vc and yelled "YALL I JUST GOT INTO J.M. SCHOOL OF LAW"
22:24
people were getting excited :sob:
22:25
then someone was like "what does jm stand for" and i was like .. well
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@JumpySubsequentDolphin: wait this is so cute, also where r u going
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JumpySubsequentDolphin
22:39
@splitty Oregon!
oh yay for what thats so random
JumpySubsequentDolphin
22:45
haha my brother and sister in law live there
so cutie oregon is beatiful
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