Gift Tax
TaxesA federal tax on transfers of money or property to another person while receiving nothing or less than full value in return.
Example
Example: On a $75,000 salary, understanding gift tax could save you hundreds or thousands at tax time. For instance, if you are in the 22% marginal bracket, knowing how gift tax works helps you make smarter decisions about deductions, credits, and withholding. Check your tax picture with our income tax calculator.