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United States Gift (and Generation-Skipping Transfer) Tax
If you make the QTIP election, the terminable interest property involved will be included in your spouses gross estate upon his or her death (section. 2044).
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Gift tax | Internal Revenue Service
Jul 15, 2025 The gift tax is a tax on the transfer of property by one individual to another while receiving nothing, or less than full value, in return.
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26 U.S. Code 1015 - Basis of property acquired by gifts and
If the property was acquired by gift or transfer in trust on or before December 31, 1920, the basis shall be the fair market value of such property at the time
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