[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"detail-sidebar-cat-1-en-105":3,"doc-seo-301558-105":53,"doc-detail-301558-en":126},{"code":4,"msg":5,"data":6},0,"success",[7,14,19,24,29,34,39,44,49],{"id":8,"doc_module":9,"doc_module_name":10,"category_name":11,"show_sort_weight":12,"slug":13},11,1,"Template","Presentations",90,"presentations",{"id":15,"doc_module":9,"doc_module_name":10,"category_name":16,"show_sort_weight":17,"slug":18},12,"Resumes",80,"resumes",{"id":20,"doc_module":9,"doc_module_name":10,"category_name":21,"show_sort_weight":22,"slug":23},14,"Invoices",70,"invoices",{"id":25,"doc_module":9,"doc_module_name":10,"category_name":26,"show_sort_weight":27,"slug":28},15,"Posters",60,"posters",{"id":30,"doc_module":9,"doc_module_name":10,"category_name":31,"show_sort_weight":32,"slug":33},16,"Social Media",50,"social-media",{"id":35,"doc_module":9,"doc_module_name":10,"category_name":36,"show_sort_weight":37,"slug":38},17,"Forms",40,"forms",{"id":40,"doc_module":9,"doc_module_name":10,"category_name":41,"show_sort_weight":42,"slug":43},18,"Letters",30,"letters",{"id":45,"doc_module":9,"doc_module_name":10,"category_name":46,"show_sort_weight":47,"slug":48},21,"Paper Templates",5,"papers-templates",{"id":50,"doc_module":9,"doc_module_name":10,"category_name":51,"show_sort_weight":4,"slug":52},158,"General","general-158",{"code":4,"msg":54,"data":55},"ok",{"site_id":56,"language":57,"slug":58,"title":59,"keywords":60,"description":61,"schema_data":62,"social_meta":119,"head_meta":121,"extra_data":123,"updated_unix":125},105,"en","advantages-and-disadvantages-of-gifting-definitions-taxes-income-tax-consequences","advantages and disadvantages of gifting - definitions - taxes - income tax consequences","","Advantages and disadvantages of gifting are explained through core definitions and U.S. tax treatment. A gift is defined as transferring an asset to another person for less than adequate compensation, including surrender of the original owner’s control. The document details who pays gift-related tax, key exceptions to taxation, annual exclusion rules, lifetime exemptions and reporting requirements, and how gift use affects estate tax exemptions. It also covers income tax consequences for the donee, including basis, holding period carryover, and gain recognition when a gifted asset is later sold.",{"@graph":63,"@context":118},[64,80,101],{"@type":65,"itemListElement":66},"BreadcrumbList",[67,71,74,77],{"item":68,"name":69,"@type":70,"position":9},"https://docshare.wps.com","Home","ListItem",{"item":72,"name":10,"@type":70,"position":73},"https://docshare.wps.com/template/",2,{"item":75,"name":51,"@type":70,"position":76},"https://docshare.wps.com/template/general/",3,{"item":78,"name":59,"@type":70,"position":79},"https://docshare.wps.com/template/advantages-and-disadvantages-of-gifting-definitions-taxes-income-tax-consequences/301558/",4,{"url":78,"name":59,"@type":81,"image":82,"author":87,"headline":59,"publisher":90,"fileFormat":93,"inLanguage":57,"description":61,"dateModified":94,"datePublished":95,"encodingFormat":93,"isAccessibleForFree":96,"interactionStatistic":97},"DigitalDocument",{"url":83,"@type":84,"width":85,"height":86},"https://docshare.wps.com/thumbnails/advantages-and-disadvantages-of-gifting-definitions-taxes-income-tax-consequences/301558.png","ImageObject",442,249,{"name":88,"@type":89},"Connor ","Person",{"url":68,"name":91,"@type":92},"DocShare","Organization","application/pdf","2026-09-24","2026-09-19",true,{"@type":98,"interactionType":99,"userInteractionCount":9},"InteractionCounter",{"@type":100},"ViewAction",{"@type":102,"mainEntity":103},"FAQPage",[104,110,114],{"name":105,"@type":106,"acceptedAnswer":107},"How does the document define a gift?","Question",{"text":108,"@type":109},"A gift is the transfer of an asset from one person to another for less than adequate compensation, where the original owner surrenders control of the asset to the other person or entity.","Answer",{"name":111,"@type":106,"acceptedAnswer":112},"Who generally pays any gift tax created by making a gift?",{"text":113,"@type":109},"The person making the gift, called the Donor, generally pays the gift tax, while the Donee is not taxed as income.",{"name":115,"@type":106,"acceptedAnswer":116},"What income tax consequences can occur for the donee when selling a gifted asset?",{"text":117,"@type":109},"The donee takes over the donor’s basis and holding period, so later sale may trigger gain measured by the donor’s basis, not the value at the gift date.","https://schema.org",{"og:url":78,"og:type":120,"og:title":59,"og:site_name":91,"og:description":61},"article",{"robots":122,"canonical":78},"index,follow",{"doc_id":124,"site_id":56},301558,1790241996,{"code":4,"msg":5,"data":127},{"doc_id":124,"user_id":128,"nickname":88,"user_avatar":129,"doc_module":9,"category_id":50,"category_name":51,"doc_title":59,"doc_description":61,"doc_content":130,"file_id":131,"file_url":132,"file_type":133,"file_size":134,"view_count":73,"is_deleted":4,"is_public":9,"is_downloadable":9,"audit_status":9,"page_count":76,"language":135,"language_code":57,"site_id":56,"html_lang":57,"table_of_contents":136,"faqs":137,"seo_title":138,"seo_description":61,"update_tm":139,"read_time":9},687207022233,"https://ap-avatar.wpscdn.com/davatar_155a257f0dc6eb9ab79c44ca47cae57d","advantages and disadvantages of gifting  \nJeffrey roth and daVid baCon (port Cl􀁩nton, oh􀁩o)  \ndefinitions  \ndfiiisrsscusssdseioefidnnionfg nhye ttoeprmics btyo  \nt is always best to start the  \nwhat is a gift?  \nA gift is the transfer of any asset from one person to another for less than adequate compensation. A gift contemplates the surrender of the original owner’s control of the asset to another person or entity.  \ntaxes  \nwho pays the tax caused by a gift?  \nThe person making the gift is referred to as the Donor of the gift. The person receiving the gift is referred to as the Donee of the gift. Gifts are never taxed as income to the Donee. If there is a gift tax generated by the making of a gift, generally it is paid by the person making the gift, the Donor.  \nare all gifts taxable?  \nNo, there are several exceptions.  \nannual gift exClusion  \nThe first exception is often referred to as the annual gift exclusion amount. The federal gift tax rules currently provide that you may give an amount not exceeding $12,000 in 2008 ($13,000 in 2009) to anyother person once each year. Gifts of this amount or less are excluded from the payment of any federal gift tax. There is no limit as to the number of persons to whom you make annual exclusion gifts in any one year. If you are married, you may give twice the annual exclusion amount ($24,000 in 2008, and $26,000 in 2009) to a donee using your and your spouse’s annual gift  \nexclusion amount even though all the assets comprising the gift may be made from one spouse. However, in no event can you and your spouse give an amount in excess of $24,000 (in 2008) to any one individual in any one year and use their annual gift exclusion amount as an exception to shield the gift from gift tax.  \nIn order to qualify for the annual exclusion, your gift must be made with absolutely no restrictions. If there is a restriction made on the gift, such as,“Here is $12,000, son. You can do whatever you want with the money, but you can’t buy a car with it,” then your gift does not qualify for the annual exclusion. The transfer is still a gift, but unless the transfer is covered by another exception, the transfer may be taxable to the Donor. Gifts to minors (persons under legal age or the age as set by state statute for this particular exception) under the Uniform Gift to Minors Act may be subject to restrictions still qualify for the annual gift exclusion. When the minor reaches the age of majority, these restrictions are removed and the Donee of the gift is thereafter free to do whatever he or she desires with the gift.  \nif a gift is made of $12,000 or less to any one person in 2008 is the donor required to file a gift tax return?  \nNo. There is no requirement that a gift tax return be filed by the Donor for gifts of $12,000 or less to any one person in 2008 ($13,000 in 2009) .  \nlifetime gift exemption  \nare there other exceptions to the gift tax in addition to the annual exclusion amount just discussed?  \nIn addition to your ability to make any number of annual gift exclusion gifts to Donees each year, a Donor may, over the course of his or her lifetime, make up to $1 million in gifts.  \nGifts utilizing the Donor’s $1 million lifetime exemption must be reported on a federal gift tax return (Federal Gift Tax Form 709) on or before April 15th of the year succeeding the year in which the gift was made.  \nestate tax inClusion  \nin 2008, you can die leaving an estate of not more than $2 million before you are required to pay federal estate [tax. is](tax. is) this $1 million lifetime gift tax exemption in addition to your $2 million federal estate tax exemption, or a part of it?  \nThe $1 million gift tax exemption for lifetime gifts is part of the $2 million estate tax exemption available at death. Accordingly if you have used your $1 million lifetime exemption for gifts during your lifetime, your estate tax exemption is reduced accordingly, so you only have $1 million of your federal estate tax exemption r","cbCailqWQowJ7uuI","https://ap.wps.com/l/cbCailqWQowJ7uuI","pdf",151698,"English","# Definitions\n# Taxes\n## Who pays the tax caused by a gift?\n## Are all gifts taxable?\n## Annual gift exclusion\n## Lifetime gift exemption\n## Estate tax inclusion\n# Income tax consequences\n## Basis and holding period effects","[{\"question\":\"How does the document define a gift?\",\"answer\":\"A gift is the transfer of an asset from one person to another for less than adequate compensation, where the original owner surrenders control of the asset to the other person or entity.\"},{\"question\":\"Who generally pays any gift tax created by making a gift?\",\"answer\":\"The person making the gift, called the Donor, generally pays the gift tax, while the Donee is not taxed as income.\"},{\"question\":\"What income tax consequences can occur for the donee when selling a gifted asset?\",\"answer\":\"The donee takes over the donor’s basis and holding period, so later sale may trigger gain measured by the donor’s basis, not the value at the gift date.\"}]","advantages and disadvantages of gifting - definitions - taxes - income tax consequences | PDF",1789783515]