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LSDefine

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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19:43
@Dkk: yeah register 1 website and every swinging tom dick and harry calls/emails/texts to 'help with seo'. like bruh, if YOU found it, what i am doing is working
Dkk
19:43
Indeed!
19:48
wasp, i think people are hopeful for a gov who at least attempts to care about the common man
MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
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