Taxable Gift

Taxable Gift

Taxable Gift means:
a gift that is subject to the gift tax. A taxable gift must meet the following requirements:

1. there must be an actual gift, 2. the subject of the gift must be property or an interest in property, and.

3. there must be a completed transfer, by physical delivery of the property or written evidence of title. Former IRC (check if this IRC provision is current here) §2503.

A donor is allowed an annual exclusion that permits a gift of $10,000 per donee before the gifts are subject to a gift tax or reduce the estate tax exemption. Gifts to a spouse are not taxable. A gift received is not taxable income to the recipient.

See Tax exemption and Tax exemption.


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