the right of a gift recipient to have immediate possession or enjoyment of the gifted property
                                                            
                                                     
                        
                                                
                        
                        
                            an unrestricted right to the immediate use, possession, or enjoyment of property or the income from property
                                                            
                                                     
                        
                                                
                        
                        
                            As applied to a gift, the present right to use or enjoy the property. A gift must have this characteristic to qualify for the annual $10,000 gift tax exclusion.
                                                            
                                                     
                        
                                                
                                                     
                        
                        
                            A gift must be a gift of a present interest (the beneficiary can enjoy the property given immediately) for it to qualify for the annual $10,000 gift tax exclusion.
                                                            
                                                     
                        
                                                
                        
                        
                            Property interests involving the immediate right of possession or enjoyment.
                                                            
                                                     
                        
                                                
                        
                        
                            See Gift tax annual exclusion.
                                                            
                                                     
                        
                                                
                        
                        
                            An estate in land that gives the owner the right to occupy his property immediately; as opposed to a future interest, which grants only the right to occupy the premises at some future date. Back to the Top
                                                            
                                                     
                        
                                                
                        
                        
                            To be eligible for the annual $11,000 exclusion from the Federal Gift Tax, the gift must be of a "present interest." In other words, the gift must belong to the donee with "no strings attached."