The United States tax code has a gift tax which is imposed on gifts given from one person to another. The gift tax is generally not applicable to gifts given between family members, but may be applicable to gifts given to friends or business associates. The tax code does not specify a particular dollar amount which triggers the gift tax, but the IRS has published guidance which suggests that the gift tax may be applicable to gifts over $14,000 in value.
The gift tax is imposed at a rate of 40% on the value of the gift, and is paid by the person who gives the gift. The recipient of the gift is not responsible for paying the gift tax.
The gift tax can be a complicated provision of the tax code, and it is important to consult with a tax advisor if you are considering making a gift of property or money.
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