gift tax

Definition of "gift tax"
  1. A federal tax on property given away during one's lifetime or at their death, with special exemptions for certain amounts and types of gifts
How to use "gift tax" in a sentence
  1. Her significant donation to the charity was exempt from gift tax.
  2. Because he exceeded the yearly limit with his generosity, he had to pay gift tax.
  3. She wisely leveraged the tuition exemption to avoid paying gift tax during an expensive academic year.

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