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A federal (and sometimes state) transfer tax imposed on an individual who transfers property to a third party during life. There are many exemptions and exclusions, such as the lifetime exemption of $5,450,000 (as of 1/1/2016), the annual exclusion of $14,000 (as of 1/1/2016), and an unlimited exemption for gifts to a spouse or a qualified charity.

Synonyms: gift taxes
Synonyms list (a comma-separated list)
gift taxes