Overview of the Federal Gift Tax

The Gift Tax is a federal tax that is imposed on any transfer made during the life of the transferor that is made without consideration.’Consideration’ in this context means something of value in return for the transfer. Federal gift tax exemption is $5.49 million, or $10.98 million for married couples, in 2017. The annual gift tax exemption is $14,000 in 2015, 2016 and 2017.

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