Taxable Gift

Learn about the definition for this legal term.

What is Taxable Gift?

A transfer of property that is both voluntary and complete by an individual for less than an adequate and full consideration in money or money's worth. When property interests are given away during life they are likely to be a taxable gift unless exempted or excluded by law.

Further Reading

For more detailed information, see our related Wills Trusts And Estates terms:

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