Gift tax is a transfer tax on the right of an individual to transfer assets gratuitously to another. The gift tax is based on the value of the gift given and is computed based on cumulative lifetime gifts, not just those made in a particular year. You may remove large amounts of assets from your estate while only paying gift taxes on a much smaller amount. 

 

See the following topics for more information:

• Prior to 1977
• After 1976
• Tax Reform Act of 1976
• Benefits of Lifetime Giving

 

 

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