The basic definition of a gift includes “any transfer to an individual, either directly or indirectly, where full consideration (measured in money or money’s worth) is not received in return” (IRS Frequently Asked Questions on Gift Taxes, http://www.irs.gov/businesses/small/article/0,,id=108139,00.html#2).
Thread: List and briefly explain the 5 elements of a gift. Then provide an answer for the following scenario: A client wants to give her nephew money for his private school tuition, and she asks you the best way to do this. Explain how she can pay for her nephew’s schooling and not be subject to transfer taxes or gifting limits.
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