Noun
a tax imposed on transfers of property by gift during the lifetime of the giver
Source: WordNetCBP Booklet, page 151. Estate and gift tax main Estate and gift taxes in the United States are imposed by the federal and some state governments. Source: Internet
The federal government establishes limits on how much each individual may contribute to a 529 plan per year, and any amount above that can be subject to gift tax. Source: Internet
Florida also has no gift tax. Source: Internet
In addition, direct payments to an institution for educational or medical purposes are not subject to gift tax limitations. Source: Internet
That $14,000 ceiling — actually it just went up to $15,000 — is the amount you can give per parent, per child, without setting off what’s called “gift tax.” Source: Internet
We do not recommend making gifts beyond this amount and incurring gift tax, as starting January 1, 2018 those exemption amounts are nearly doubled. Source: Internet