What is Gift Tax? | How to Avoid Owing Taxes on Your Gifts

What is Gift Tax?

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Outline:
Intro: (0:00)
Annual Gift Exclusion: (1:18)
Lifetime Estate and Gift Exemption: (3:05)
Why the Annual Gift Exclusion is Important: (3:55)
Advanced Gift Tax Saving Strategy: (5:51)

The holidays are in full swing and you might be giving or receiving some cash gifts.

As you know, Uncle Sam almost always wants his cut but you may be able to bypass gift taxes if you follow some pretty simple rules.

Watch to learn more.

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Disclaimer: The information provided in this video is for informational purposes only and is not meant to take the place of professional legal, accounting, or financial advice. If you have any legal questions about this video or the subjects discussed, or any other legal matter, you should consult with an attorney or tax professional in your jurisdiction (i.e. where you live).