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GIFT CERTIFICATE ORDER FORM Peter Aschwanden

GIFT CERTIFICATE ORDER FORM Peter Aschwanden

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gift tax gift tax is a type of transfer tax applied by the federal government and by some states payment of gift tax is the responsibility of the donor who must file a gift tax return a form 709 in a year in which he or she gave a taxable gift two of the most important limitations on the gift hacks are the annual exclusion and lifetime exemption amounts the annual exclusion allows gifts of up to fifteen thousand dollars per recipient each year as of 2020 free of any gift tax consequences gifts that are beyond that are also subject to a lifetime exemption amount which is over 11.5 million dollars as of 2020 gifts beyond these exemption amounts are subject to gift tax though charitable gifts and gifts to u.s citizen spouses are also exempt the gift tax dovetails with the estate tax as the lifetime exemption for the gift tax is the same as for the estate tax and gifts that count against the gift tax lifetime exemption also count against the estate tax lifetime exemption

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