Gift

Hit and Run

The voluntary transfer of property (including money) to another person completely free of payment or strings while both the giver and the recipient are still alive. large gifts are subject to the federal gift tax, and in some states, to a state gift tax.

Was This Term Helpful?

0 out of 0 found this helpful

Still got a question or concern?

Click here to contact us or go back to the main Glossary page.