Taxes on Other Types of Income

A tax based on the market value of owned assets.

• Capital Gains Tax

• Wealth Tax

• Property Tax

• Inheritance Tax

Taxes paid by anyone who owns property to local governments.

• Inheritance Tax

• Estate Tax

• Wealth Tax

• Property Tax

Taxes paid on the positive difference (gain) between the sale price and the value of a gift or asset when it was inherited or purchased.

• Gift tax

• Wealth tax

• Capital gains tax

• Estate tax

A state tax on an asset an individual received from someone who passed away.

• Inheritance tax

• Capital gains tax

• Wealth tax

• Estate tax

A tax that's imposed on a property owner's right to transfer their property to others after his or her death.

• Inheritance tax

• Property tax

• Estate tax

• Gift tax

A tax on any asset that exceeds the yearly amount you can transfer to another person without compensation of equal value.

• Estate tax

• Wealth tax

• Inheritance tax

• Gift tax

What day of the year is known as Tax Day!

• January 31

• April 15

• December 31

• April 1

What is the gift tax limit amount per individual?

• $16,000

• $100,000

• $20,000

• $6,000

There are limits on how much you can give to a 501(c)(3) nonprofit organization.

• True

• False

In the United States, the more money you earn, the more you'll be required to pay in taxes.

• True

• False