Gift Tax Return Definition. By. Julia Kagan. Full Bio. ... The gift tax return is only used by those who have given over $16,000 in 2022 ($17,000 in 2023).

Gifts over $19,000 to an individual in 2025 must be reported to the IRS. Exceeding the $13.99M lifetime gift tax exclusion starts the taxable gifts count. Implement gift splitting or use trusts to ...

The gift tax is any taxes owed on the gifts you have given. As the giver, you would owe the tax to the IRS and have to fill out a tax form.

If you gift more than that, you’ll need to file a federal gift tax return when you complete your taxes in 2025. The lifetime gift tax limit for 2024 is $13.61 million, up from $12.91 million in ...

The primary goal of estate planning is transfer of assets – money or property – from a donor to a beneficiary. One aspect of ...

Milt Zall, Bureaucratus columnist and registered investment adviser, offers taxsmart ways to make financial gifts to children. Continue to the site → Skip to Content.

What Is the Gift Tax? The IRS definition of a gift is “any transfer to an individual, either directly or indirectly, where full consideration (measured in money or money’s worth) is not ...