gift tax

American  

noun

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

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gift tax British  

noun

1. another name for (the former) capital transfer tax

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Example Sentences

The gift tax applies to the wealth transfer over your lifetime and is paid by the donor, while the estate tax is levied on the estate of the deceased.

From MarketWatch

“For gifts, the basis remains the same as when the asset was held by the person who made the gift, but with an adjustment for any gift tax paid,” the organization says.

From MarketWatch

I’ll need to file the gift tax form in either case, and I’m not worried about that.

From MarketWatch

You would only be liable for gift tax if you went over the Internal Revenue Service’s gift-tax limit.

From MarketWatch

Individuals can make lifetime gifts, outright or in irrevocable trusts, up to that amount without incurring federal estate or gift tax.

From The Wall Street Journal