You said there are some exceptions from these gift tax rules. The person who made the gift is what we refer to as the donor. The gifts are reportable and due from the person who actually made the gift, not the person who received it. Gifts that are not subject to specific exemptions or exclusions are taxed at a current federal gift tax rate of 40 percent. There is one important distinction I want to make here, and that is a payment by parents for something for a child that would be a support obligation, so for any major needs of a child, of course, if you're paying that as a parent on behalf of your child, that's not a gift.Ĭertainly, that makes sense. So essentially, that's giving someone money for something, and you're not getting anything in return. A gift is a transfer to an individual directly or indirectly that is for less than adequate consideration. And our topic today is a special kind of gift tax exception, the direct payment of medical and tuition items. Hello, I'm Jean Carter, an ACTEC Fellow from Raleigh, North Carolina, and with me is Toni Ann Kruse, an ACTEC Fellow from New York City, New York.
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