What is the tax rate on a gift tax?

The general rule is: 45%, but there is much more. The U.S. Federal tax rates for gifts are on the same tax rate schedule as the estate tax. If the gift is a "present interest" gift (they can use it or benefit from it today) then each person giving the gift has, in 2009, a $13,000 exclusion from tax.

Above that each person has a $1,000,000 lifetime exemption from gift tax but is required to file a gift tax return to keep track of that lifetime exemption. Gifts above that are currently being taxed at 45% So if you put $1,500,000 in a trust for your friends and relatives (not your spouse) and they have no rights to the trust for awhile and you have never gifted over the annual exclusion before, the first $1,000,000 is not taxed and the $500,000 is taxed at 45%. The person giving the gift pays the tax As with all tax law there are other circumstances that can make the general rule different than stated above.

For instance, you can force the recipient to pay the tax.

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