Content Overview 
- Summary
- When Must I File A Gift Tax Return?
- What Is The Unified Credit For Gift And Estate Taxes?
- If I Make Taxable Gifts, Will I Have To Pay Tax?
- What Is In My Gross Estate?
- What Is The Gift Tax?
- Which Gifts Are Taxable? (The Annual Gift Tax Exclusion and more)
- Can I Take An Income-Tax Deduction For Gifts I Make?
- Does The Person I Give A Gift To Have To Pay Taxes?
- What Is The Generation-Skipping Transfer Tax (GSTT)?
- What Is The Estate Tax?
- What Is My Taxable Estate?
- Will My Estate Have To File An Estate Tax Return?
- Will My Heirs Have To Pay Tax On Their Inheritance?
Gift, Estate, and Generation-Skipping Transfer Taxes
What Is The Unified Credit For Gift And Estate Taxes?
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A tax credit is an amount that eliminates or reduces tax.
The unified credit is a credit against taxes that would otherwise be due that is applied to both gift and estate taxes -- the two taxes are said to be "unified." The total amount of credits (if any) that you use for gift taxes over the course of your lifetime reduces the credit available to pay any estate taxes that might be due.
To find the current amount, see IRS publication 950. Go to www.IRS.gov 
. Type "Publication 950" into the search box.
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