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Individuals may be subject to federal estate and gift taxes when large transfers of property, money, or other assets occur. Estate taxes apply to the transfer of assets (money and/or property) to one or more individuals when the owner dies. Gift taxes are imposed on the transfer of assets to another individual during the owner’s lifetime. In addition, many states also have estate and/or gift taxes.
Rural Tax Education
estate, gift, tax
Education | Higher Education | University Extension
Hobbs, JC, "Estate and Gift Tax" (2016). Rural Tax Education. 25.