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Simple English definitions for legal terms

gift-splitting election

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A quick definition of gift-splitting election:

A gift is when someone gives something to another person without expecting anything in return. It can be a thing or property that is transferred from one person to another. There are different types of gifts, such as a charitable gift, which is given to a nonprofit organization to help the community, or an inter vivos gift, which is given during the giver's lifetime. A split gift is when a married couple combines their gift tax exclusions to give a larger gift. A gift-splitting election is when both spouses agree to split the gift for tax purposes.

A more thorough explanation:

A gift-splitting election is a tax strategy used by married couples to combine their annual gift-tax exclusions and make a gift to a third person. This means that both spouses treat the gift as being made one-half by each spouse, making the gift eligible for two annual exclusions instead of one. For example, if the annual exclusion is $15,000, a married couple can make a gift of up to $30,000 to a third person without incurring gift tax.

Example: John and Jane are married and want to give their son a gift of $25,000. They can make a gift-splitting election and treat the gift as if each of them gave $12,500, which is below the annual exclusion limit. This way, they can avoid paying gift tax on the gift.

This tax strategy is useful for married couples who want to make a large gift to a third person without incurring gift tax. By combining their annual exclusions, they can make a larger gift without having to pay taxes on it.

gift-splitting | Gifts to Minors Act

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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
AHHAHAHAHAHAHHAHAHAHAHAHAH
@JumpySubsequentDolphin: wait this is so cute, also where r u going
JOE MBIDEN
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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