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Gift Tax

Essay by   •  August 21, 2010  •  Essay  •  474 Words (2 Pages)  •  1,019 Views

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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 20,000 dollars,

10,000 from the husband and 10,000 from the wife.

Medical, educational, non - prophit organization

donations, gifts to charities, and gifts to a spouse are

tax exempt.

Some examples of gifts that are not taxable are

giving your nephew 9,000 dollars for a present because

it is not over 10,000 dollars. Also paying 15,000

dollars for your friend to go to college is not taxable

because it is for a tuition. Now if you gave your son

25,000 dollars the first 10,000 dollars are tax exempt

but you have to pay tax on the other 15,000 dollars.

I think that this is a good tax because it keeps

people from using other people to hold their money so

they do not have to pay taxes on it. It will also make

more

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