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A credit is an amount that reduces or eliminates tax. A unified credit applies to both the gift tax and the estate tax. You must subtract the unified credit from any gift tax that you owe.
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www.irs.gov/publications/p950/ar02.html
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There is a Federal Gift Tax but it is not clearly understood by most Americans. Some folks even think they can get a deduction for a gift to a friend or relative. So you want to give money to your kids or grandkids but wonder about the tax implications;
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ezinearticles.com/?Federal-Gift-Tax---Limits-For-2009&i...
ezinearticles.com/?Federal-Gift-Tax---Limits-For-2009&id=2792642
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Congress did NOT repeal the federal gift tax, although it raised the lifetime gift tax exemption (the amount that may be passed without gift tax) to $1 million, effective in 2002. This means that a person could make a total of $1 million of gifts over his/her lifetime before owing any federal gift tax.
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www.statefarm.com/insurance/life_annuity/estate_plan/ta...
www.statefarm.com/insurance/life_annuity/estate_plan/taxgone.asp
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The tax imposed by this section solely by reason of this paragraph shall be credited with the amount of any gift tax actually paid to any foreign country in respect of any gift which is taxable under this section solely by reason of this paragraph.
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www4.law.cornell.edu/uscode/html/uscode26/usc_sec_26_00...
www4.law.cornell.edu/uscode/html/uscode26/usc_sec_26_00002501----000-.html
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Since enactment of the repeal legislation in 2001, the focus has been primarily on the federal estate tax and, to a lesser degree, on the generation skipping transfer tax, with relatively less emphasis on the federal gift tax.
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www.extension.iastate.edu/agdm/articles/harl/HarlJune06...
www.extension.iastate.edu/agdm/articles/harl/HarlJune06.html
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Gift tax laws are generally designed to prevent complete tax avoidance by this route. The Federal Estate Tax is integrated with the Federal Gift tax so that large estates cannot be shielded from taxation by lifetime giving.
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www.law.cornell.edu/topics/estate_gift_tax.html
www.law.cornell.edu/topics/estate_gift_tax.html
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Although there's no income tax on gifts, there is such a thing as a gift tax. The gift tax is imposed on the donor. ... If you're married, your spouse can also make the gifts described in the example. You and your spouse each have your own annual exclusion amount, even if you file joint federal income tax returns.
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www.fairmark.com/begin/gifts.htm
www.fairmark.com/begin/gifts.htm
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Federal Gift Tax Federal tax imposed on the transfer of securities, property, or other assets. The donor must pay the tax based on the fair market ... Financial & Investment Dictionary: Federal Gift Tax...
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www.answers.com/topic/federal-gift-tax
www.answers.com/topic/federal-gift-tax
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