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Gift, Estate, and Generation-Skipping Transfer Taxes

What Is The Gift Tax?

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Gift taxes:

  • Are taxes that apply to money or property you give away while you are alive.
  • Gift taxes can be as high as 45% of the amount of the gift.
  • Gift taxes are the responsibility of the person making the gift. The person who receives the gift does not pay any tax.
  • There are gift taxes on both a federal and state level. This discussion only concerns the federal situation. Check your state's law as well.

Assets that are transferred after you die might be subject to estate tax.

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