Title 26 — Internal Revenue CodeRelease 119-73not60
§2512 Valuation of Gifts
Title 26 › Subtitle Subtitle B— Estate and Gift Taxes › Chapter 12— GIFT TAX › Subchapter B— Transfers › § 2512
Summary
Treat a gift of property as worth whatever that property was worth on the day it was given. If someone transfers property for less than full payment in money or equal value, count the difference between the property's value and the payment as a gift and include it in that calendar year's total gifts. A person can ask the Secretary for a statement about any gift valuation under section 7517.
Full Legal Text
Title 26, §2512
Internal Revenue Code — Source: USLM XML via OLRC
(a)If the gift is made in property, the value thereof at the date of the gift shall be considered the amount of the gift.
(b)Where property is transferred for less than an adequate and full consideration in money or money’s worth, then the amount by which the value of the property exceeded the value of the consideration shall be deemed a gift, and shall be included in computing the amount of gifts made during the calendar year.
(c)For individual’s right to be furnished on request a statement regarding any valuation made by the Secretary of a gift by that individual, see section 7517.
Legislative History
Notes & Related Subsidiaries
Editorial Notes
Amendments
1981—Subsec. (b). Pub. L. 97–34 substituted “calendar year” for “calendar quarters”. 1976—Subsec. (c). Pub. L. 94–455 added subsec. (c). 1970—Subsec. (b). Pub. L. 91–614 substituted “calendar quarter” for “calendar year”.
Statutory Notes and Related Subsidiaries
Effective Date
of 1981 AmendmentAmendment by Pub. L. 97–34 applicable with respect to gifts made after Dec. 31, 1981, see section 442(e) of Pub. L. 97–34, set out as a note under section 2501 of this title.
Effective Date
of 1970 AmendmentAmendment by Pub. L. 91–614 applicable with respect to gifts made after Dec. 31, 1970, see section 102(e) of Pub. L. 91–614, set out as a note under section 2501 of this title.
Reference
Citations & Metadata
Citation
26 U.S.C. § 2512
Title 26 — Internal Revenue Code
Last Updated
Apr 5, 2026
Release point: 119-73not60