How to Legally Avoid The Gift Tax on Money

Contributing sentiments towards policy:

58% : If you receive a gift, it is rare, if ever, that you owe taxes.
54% : Tips on TaxesPhoto credit: ©iStock.com/CatLane, ©iStock.com/syahrir maulana, ©iStock.com/KvitaJan
50% : As a result you would owe taxes on the difference between the house's sale price ($100) and its fair market value.
47% : If in a given year you have used up your annual exclusion, and you have used up your lifetime exclusion for total gifts to this individual, you then owe taxes on any gifts that you give after that point.
47% : If your gift exceeds the annual and the lifetime exclusions, you owe taxes on the difference.
46% : However, you don't owe taxes on any gift that falls within an applicable exclusion.
44% : You would owe taxes on:The gift tax does not apply between spouses, nor does it apply to anyone who you claim as a dependent on your taxes.
39% : If the value of the property exceeds the lifetime exclusion, you may not be able to avoid paying taxes on some of it.

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