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Gift and Estate Taxes Transfer taxes are excise taxes which are imposed when property is transferred to another person. The transfer can be during life (a gift) or on death (a bequest). The transfer taxes that most of us are familiar with are the gift tax and the estate tax. The gift tax is imposed each calendar year on the transfer of property by gift made during that calendar year. There are exclusions from gift tax in the amount equal to $12k per person per calendar year. The marital deduction excludes an unlimited amount to your spouse. Any outright gift or transfer to a spouse qualifies for the marital deduction. The property will be included in the spouse’s taxable estate and will be subject to tax when the spouse dies. Gifts made to qualified charities are also deductible. Payments of tuition and medical expenses are excluded as long as they are paid directly to the institution.

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Gift and Estate Taxes
Transfer taxes are excise taxes which are imposed when property is transferred to another person. The transfer can be during life (a gift) or on death (a bequest). The transfer taxes that most of us are familiar with are the gift tax and the estate tax.

The gift tax is imposed each calendar year on the transfer of property by gift made during that calendar year. There are exclusions from gift tax in the amount equal to $12k per person per calendar year. The marital deduction excludes an unlimited amount to your spouse. Any outright gift or transfer to a spouse qualifies for the marital deduction. The property will be included in the spouse’s taxable estate and will be subject to tax when the spouse dies. Gifts made to qualified charities are also deductible. Payments of tuition and medical expenses are excluded as long as they are paid directly to the institution.

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