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LSDefine

Simple English definitions for legal terms

gift-splitting

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A quick definition of gift-splitting:

Gift-splitting is when a married couple combines their gift tax exclusions to make a gift to a third person. This means that both spouses treat the gift as if they each gave half of it. For example, if they make a gift of $20,000, each spouse can use their annual exclusion of $10,000. This is a way to reduce the amount of gift tax owed on a large gift.

A more thorough explanation:

Definition: Gift-splitting is a tax strategy where a married couple combines their annual gift-tax exclusions to make a gift to a third person. This allows them to give a larger gift without having to pay gift tax.

Example: John and Jane are married and want to give their son a gift of $30,000. Instead of each giving $15,000 and having to pay gift tax on the excess, they decide to use gift-splitting. They combine their annual exclusions of $15,000 each, making a total of $30,000, and give it to their son without having to pay gift tax.

This example illustrates how gift-splitting allows a married couple to give a larger gift without having to pay gift tax. By combining their annual exclusions, they can give up to double the amount without incurring any tax liability.

gift over | gift-splitting election

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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.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
WorthlessAttractiveZombie
7:44
My berkeley paragraph finally disappeared. I definitely think it is just an indicator that they are actively reviewing files, and does not mean anything about A, WL, or Rs
WorthlessAttractiveZombie
7:46
Also has anyone's date disappeared for W&L? Mine did last night
7:55
@WorthlessAttractiveZombie: mine did yesterday morning
7:56
Oops sorry I meant Vilanova. Mine disappeared last week
soapy
8:48
UMN under review! As predicted, decisions are gonna come out early December
Minus those random R decisions from UMN yesterday though right? I wonder what happened there. I don’t think I’ve seen a school start the season out with anything but As on here
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