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gift tax

noun

  1. a tax imposed on the transfer of money or property from one living person to another by gift, payable by the donor.


gift tax

noun

  1. another name for (the former) capital transfer tax
“Collins English Dictionary — Complete & Unabridged†2012 Digital Edition © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009, 2012
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Example Sentences

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Another way married people can benefit from 529 plan tax benefits is with the federal gift tax exclusion.

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In 2020, a law firm found that Mr. Epstein’s work had saved Mr. Black and his four children $2 billion in estate and gift taxes.

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One focus of the investigations is whether Crow disclosed his generosity toward Thomas to the IRS, since large gifts are subject to the gift tax.

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"This argument is, on its face, a joke," said Wyden, arguing that Congress "needs to evaluate compliance with the gift tax" and strongly consider "stiffening reporting requirements for gifts given to public officials."

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While there are exemptions from the gift tax for certain payments, Wyden noted, "none of these exemptions appear to apply to any gifts you made to Justice Thomas."

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