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Gift Tax

Gift Tax



One of the taxes that we went over in class was

gift taxes. This is a tax that is implied when

property, personal items, or money with a value of over

10,000 dollars is given from one person to another.

There are a few exceptions to this law such as giving to

non-prophit organizations or the donation is going

towards an education or tuition. I feel that this is a

good tax to have because it will keep greedy people from

transferring their money around to evade paying taxes on

it.



Gift tax is will make sure that all citizens pay

their fair amount of taxes which is decided by their

income. This tax is collected and responsible to the

donor. This person must file a gift - tax return with

the Internal Revenue Service. There are little ways to

extend the amount of a gift given but there is no way

around the tax that there is to be paid. One of the

tricks is to have a man and his wife donate because any



gift coming from a marriage can equal......


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Approximate Word Count: 474
Approximate Pages: 2 (250 words per double-spaced page)

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