Lifetime Gifts.(gift tax)

Mondaq Business Briefing | September 30, 2004 | Copyright

Originally published September 2004

Warm feelings of affection may prompt one to make monetary gifts to loved ones. But those feelings can rapidly chill if the donor unexpectedly finds out that taxes are due on the gift. Donors who are considering making gifts in order to transfer wealth and shift income to the next generation also need to factor in the impact of any applicable gift taxes.

U.S. citizens and other individuals who are residents of the United States are subject to the federal gift tax. Unlike other states, such as New York and Florida, ...

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