Warning

Info

Warning

Info

Warning

Info

LSDefine

Simple English definitions for legal terms

gift-tax exclusion

Read a random definition: IPSA LOQUITUR

A quick definition of gift-tax exclusion:

Gift-tax exclusion refers to the amount of money that can be given as a gift without being subject to taxes. Currently, this amount is up to $10,000 per year. The purpose of this exclusion is to make it easier for people to give gifts without having to worry about taxes, and to help with estate planning. Other types of exclusions exist in insurance policies, which exclude certain events or conditions from coverage. These can include exclusions for automobile use, design defects, and pollution.

A more thorough explanation:

Definition: The amount of money that can be given as a gift without being subject to gift tax. Currently, the annual exclusion is up to $15,000 per person.

Example: If you give your friend $10,000 as a gift, you do not have to pay gift tax on that amount because it falls under the annual exclusion limit.

This definition explains that the gift-tax exclusion is the amount of money that can be given as a gift without being subject to gift tax. The example provided illustrates how the annual exclusion works in practice. It shows that if you give someone a gift that falls under the annual exclusion limit, you do not have to pay gift tax on that amount.

Gifts to Minors Act | gilda mercatoria

Warning

Info

General

General chat about the legal profession.
main_chatroom
👍 Chat vibe: 0 👎
Help us make LSD better!
Tell us what's important to you
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
soyalmondoatmilk
8:38
good morning! hoping waves will come our wave today
8:42
GW wave today?
8:57
There’s someone I found on here with the username threeoutchange and if my understanding is correct that’s a reference to the debut album by a pretty cool 90s-00s Japanese band called Supercar. I geeked a little
8:57
It could just be a baseball reference I don’t get though lol
LSD+ is ad-free, with DMs, discounts, case briefs & more.