When an individual transfers property to another taxpayer during their life, without receiving or expecting to receive value in return, the property transferred is a(n) gift.
Gift:
A gift or a present is something offered to someone without expecting anything in return. It is not a gift if the person receiving it already owns the thing. Although reciprocity may be expected in gift-giving, a present is intended to be gratuitous.
What is Taxpayer?
A taxpayer is a person or entity who is required to pay taxes. Modern taxpayers may have an identification number, which is a reference number issued by the government to individuals or businesses. The phrase "taxpayer" often refers to someone who pays taxes. A taxpayer is an individual or company who is required to pay municipal or government taxes agencies.
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