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Federal Gift Tax Law

The laws governing the gift tax apply to any cash or property transfer you make without an expectation of receiving compensation or other property in return. These rules are separate and distinct from the income tax laws and may be imposed concurrently. However, the numerous exceptions and exclusions that exist ensure that only a small minority of the population ever has to pay the tax.

Your Taxable Gifts

The Internal Revenue Code provides that all gratuitous transfers are subject to the gift tax with only four exceptions. The gift tax excludes transfers that are within the annual exclusion limitation, the payment of medical or tuition expenses on behalf of another, all transfers to a spouse and gifts you make to a political organization. The sole basis on which the IRS calculates the appropriate tax is the fair market value of the gift. When you provide a gift other than cash, you must explore various valuation methods and choose the one most appropriate for that type of property. Regardless of the method you choose, the governing statutes require you to provide a value that relates to the price a willing buyer in the open market would pay for the property at the time you make the gift.

Annual Exclusion

Using the annual exclusion is essential to ensuring that the gifts you make do not result in a gift tax liability. The federal government predetermines the exclusion amount that applies for each tax year. Currently, the exclusion amount is $13,000; however, it generally increases over time. This exclusion amount represents the maximum value of cash and property that you can gift to each recipient without invoking the gift tax. This allows you to provide an unlimited number of $13,000 gifts provided they are to different individuals or entities. You must file a gift tax return on Form 709 for any transfer you make that exceeds the exclusion amount.

How Unified Credit Works

If you make gifts in excess of the annual exclusion, the tax law provides you with a one-time unified credit that you can use to offset taxable gifts during your life. The credit amount is $1 million for each taxpayer. For example, if you make a single gift of $23,000 during the year, the annual exclusion reduces the taxable gift to $10,000. Though the value of this gift requires you to file a gift tax return, you can use $10,000 of your unified credit to offset any potential tax liability. After filing the return, your unified credit balance decreases to $990,000 which you can use to offset future gift tax until the balance reaches zero.

Charitable Deduction for Gifts

Taxpayers can reduce the amount of their gift tax liability by making charitable donations. The rules require you to report all charitable donations as taxable gifts on the tax return; however, the Internal Revenue Code allows you to deduct the full amount of these contributions in the deductions section of the return. In addition, the same contribution may also provide you with a personal income tax deduction.

IRS Publication 950-Introduction to Estate and Gift Taxes