Generation Skipping Transfer Taxes


Definition of "Generation skipping transfer taxes"

Brahim Hanchi real estate agent
Brahim Hanchi, Real Estate Agent Sun Realty Advisors

Provision under the Internal Revenue Code, Chapter 13, that specifies a transfer tax of 55% of the gift to a person at least two generations younger than the transferor (person who gives the gift). This tax is imposed in addition to any estate taxes or regular gift taxes.

 

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