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Gift means:
the voluntary transfer of property made without financial consideration; that is, no value is received in return. Each donor may give $10,000 annually to each donee without affecting the $600,000 lifetime exemption of property passing from an estate. Married persons may transfer unlimited amounts to their spouses as a gift during their lifetime. In federal tax law, a gift is excluded from the gross income of the recipient, but the transferor may be subject to the unified estate and gift tax. Nondeductible transfers to political organizations are exempt from the federal gift tax.

See also other Tax Terms and Definitions in U.S.A.

business gift.

United States Gift Issue

You may find information about United States Gift in this Tax Platform of the American Encyclopedia of Law.

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