FAQs

What are gift taxes?

What is the relationship between gift tax and estate tax?

When does a gift become subject to the federal gift tax?

How are gift taxes calculated?

How are the federal gift taxes computed?

Can I gift during my lifetime without incurring any gift tax liability?

You mean there is no limit on the number of people you can make gifts to?

Can I give away more than $13,000 to an individual in a year? If so what happens?

Does the $13,000 maximum tax-free gift per person rule apply in the case of an adult child giving money to his parents to be used for living expenses?

Can any gifts qualify for the gift tax exclusion?

What is the unified estate and gift tax credit and how does it reduce my gift taxes?

Can I avoid the gift tax by gifting or leaving everything to my spouse?

Key estate and gift tax changes were made in June, 2001. What were those changes?

What if I gift everything to my 9-year child?

What about charitable gifts for purposes of the federal gift tax?

Can I pay someone’s medical or education expenses and not be taxed for making a gift?

How is stock or property valued for gift tax purposes?

What happens if gifted stock is then sold?

When must I report my gifts for federal gift tax purposes?

Who must file and pay the federal gift tax?

What is the Generation Skipping Transfer Tax (GST)?

Are there state gift taxes?