Most people focus their tax planning efforts on minimizing the amount of income tax they pay. However, the federal gift tax can be even more onerous because of its 40% rate, and many people don't even know when they have to pay gift tax. Fortunately, there are provisions in the tax laws you can take advantage of to avoid paying gift tax, and most people will be able to take advantage of these provisions never to pay any gift tax at all.Technically, the tax law imposes a gift tax on every single gift you make to someone else.
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newsfeedback@fool.com (Dan Caplinger), The Motley Fool
Tue, 06/27/2017 - 3:21am
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