The federal gift tax is a tax on the transfer of property from one individual (the donor) to another (the donee) when the donor receives nothing—or less than full value—in return. The tax applies whether the donor intends the transfer to be a gift or not.

The gift tax applies to the transfer of a gift of any type of property. You make a gift if you give property (including money) or the use of or income from property without expecting to receive something of at least equal value in return. If you sell something at less than its full value or if you make an interest-free or reduced-interest loan, you may be making a gift.

For additional information, see Internal Revenue Service (IRS) Form 709 and its instructions.

The federal gift tax is a nationwide tax that applies to any individual who gives a gift to another person without receiving something of equal or greater value in return. This tax is not specific to the state of Oregon (OR), as it is governed by federal law. The donor is typically responsible for paying the gift tax. As of the current regulations, each individual has an annual gift tax exclusion amount, which allows them to give gifts up to a certain value per recipient per year without incurring a tax. Additionally, there is a lifetime exemption amount that limits the total value of gifts one can give over their lifetime before the gift tax applies. Any gift exceeding the annual exclusion amount must be reported to the IRS using Form 709. It's important to note that certain gifts, such as those given to a spouse or to a charity, may be exempt from the gift tax. For the most accurate and up-to-date information regarding the gift tax, including the annual exclusion amount and the lifetime exemption, individuals should consult the IRS or an attorney who specializes in tax law.