A gift tax is a tax on the transfer of property by one taxpayer to another while receiving either nothing or something with a less than equal value in return. Selling something at less than it’s full value or making an interest-free or reduced interest loan, may qualify as making a gift. The IRS’s general rule is that any gift is a taxable gift. However, there are many exceptions. According to the IRS the following gifts are not taxable gifts: gifts that are not more than the annual exclusion for the calendar year, tuition or medical expenses paid for someone, gifts to your spouse, gifts to a political organization, or gifts to qualified charities.