Know Your Next Word : gift

22. gift :

noun :

1. something given voluntarily without payment in return, as to show favor toward someone, honor an occasion, or make a gesture of assistance; present

2. the act of giving

3. something bestowed or acquired without any particular effort by the recipient or without its being earned : Those extra points he got in the game were a total gift.

4. a special ability or capacity; natural endowment; talent : the gift of saying the right thing at the right time.

5. Property, money or asset that one person transfers to another while receiving nothing in return.



verb :

6. to present (someone) with a gift : just the thing to gift the newlyweds.

If you receive a gift, you aren't required to report it as income.

Only completed gifts are subject to gift tax.



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