Category Archives: State Gift Tax

Connecticut Gift Tax

What is Gift Tax Connecticut?

Gift Tax, sometimes confused with Inheritance / Estate Tax, is a tax on the transfer of cash/asset/property by one person to another while receiving nothing in return.  The tax applies whether the donor intends the transfer to be a gift or not.  The Gift Tax and Estate Tax are interrelated.  The IRS allows you to give up to $14,000 per year to any number of people without incurring any gift taxes.

If the gift exceeds $14,000 in a given year, the person who makes the gift, not the recipient, has to file a gift tax return and pay any tax owed.  The giver has to file the tax form 709.  However, there is $5,430,000 lifetime exemption before you have to pay gift.

The Gift tax is very correlated with the estate tax.  Any gift that exceeds the annual exemption of $14,000 reduces your estate tax lifetime exemption of $5,430,000.  For example, you give your son $114,000 in 2015.   $14,000 is exempted while you have to file a gift tax return and report that you used $100,000 of your $5,430,000 lifetime exemption.

How much is Connecticut Gift Tax?

Connecticut is the Only State in United States that has a Gift Tax.

The first $2 million is exempt from Connecticut gift tax.  After $2 million the tax rate is 7.2% and goes up to 12% for any gift that exceeds over $10,100,000.

How to file Connecticut Gift Tax?

Connecticut is the Only State in United States that has a Gift Tax.

If you were required to file a Federal gift tax return, you may also be required to file a Connecticut gift tax return. Whether or not you must file depends upon whether you are a resident or a nonresident of Connecticut.

A Connecticut resident who made a gift of real or personal property during the calendar year and who is required to file a Federal gift tax return, must file a Connecticut gift tax return (Form CT-709) if:

  • The gift is of any intangible property (such as cash);
  • The gift is of real or personal property located in Connecticut.

A nonresident who made a gift of real or personal property and who is required to file a federal gift tax return must file a Connecticut gift tax return (Form CT-709) if:

  • The gift is of intangible property within Connecticut used in carrying on a trade or business within Connecticut;
  • The gift is of real or personal property located in Connecticut.

If the total Estate asset (property, cash, etc.) is over $5,430,000, it is subject to the Federal Estate Tax (Form 706).

Get more information on Connecticut Gift Tax:

You can call IRS directly at 800-829-1040 or call the Connecticut Department of Revenue regarding gift and estate tax.

Connecticut Department of Revenue

  • 860-297-5962 (Hartford calling area or from out-of-state); or
  • 1-800-382-9463 (toll-free from within Connecticut)

Wyoming Gift Tax

What is Gift Tax Wyoming?

Gift Tax, sometimes confused with Inheritance / Estate Tax, is a tax on the transfer of cash/asset/property by one person to another while receiving nothing in return.  The tax applies whether the donor intends the transfer to be a gift or not.  The Gift Tax and Estate Tax are interrelated.  The IRS allows you to give up to $14,000 per year to any number of people without incurring any gift taxes.

If the gift exceeds $14,000 in a given year, the person who makes the gift, not the recipient, has to file a gift tax return and pay any tax owed.  The giver has to file the tax form 709.  However, there is $5,430,000 lifetime exemption before you have to pay gift.

The Gift tax is very correlated with the estate tax.  Any gift that exceeds the annual exemption of $14,000 reduces your estate tax lifetime exemption of $5,430,000.  For example, you give your son $114,000 in 2015.   $14,000 is exempted while you have to file a gift tax return and report that you used $100,000 of your $5,430,000 lifetime exemption.

How much is Wyoming Gift Tax?

There are NO Wyoming Gift Tax.  All Gift Tax are exempt in the State of Wyoming.

If the total Estate asset (property, cash, etc.) is over $5,430,000, it is subject to the Federal Estate Tax (Form 706).

How to file Wyoming Gift Tax?

Since there are no Wyoming Gift Tax, you do not need to file any tax forms.

Get more information on Wyoming Gift Tax:

You can call IRS directly at 800-829-1040 or call the Wyoming Department of Revenue regarding gift and estate tax.

Vermont Gift Tax

What is Gift Tax Vermont?

Gift Tax, sometimes confused with Inheritance / Estate Tax, is a tax on the transfer of cash/asset/property by one person to another while receiving nothing in return.  The tax applies whether the donor intends the transfer to be a gift or not.  The Gift Tax and Estate Tax are interrelated.  The IRS allows you to give up to $14,000 per year to any number of people without incurring any gift taxes.

If the gift exceeds $14,000 in a given year, the person who makes the gift, not the recipient, has to file a gift tax return and pay any tax owed.  The giver has to file the tax form 709.  However, there is $5,430,000 lifetime exemption before you have to pay gift.

The Gift tax is very correlated with the estate tax.  Any gift that exceeds the annual exemption of $14,000 reduces your estate tax lifetime exemption of $5,430,000.  For example, you give your son $114,000 in 2015.   $14,000 is exempted while you have to file a gift tax return and report that you used $100,000 of your $5,430,000 lifetime exemption.

How much is Vermont Gift Tax?

There are NO Vermont Gift Tax.  All Gift Tax are exempt in the State of Vermont.

If the total Estate asset (property, cash, etc.) is over $5,430,000, it is subject to the Federal Estate Tax (Form 706).

How to file Vermont Gift Tax?

Since there are no Vermont Gift Tax, you do not need to file any tax forms.

Get more information on Vermont Gift Tax:

You can call IRS directly at 800-829-1040 or call the Vermont Department of Revenue regarding gift and estate tax.

Washington DC Gift Tax

What is Gift Tax Washington DC?

Gift Tax, sometimes confused with Inheritance / Estate Tax, is a tax on the transfer of cash/asset/property by one person to another while receiving nothing in return.  The tax applies whether the donor intends the transfer to be a gift or not.  The Gift Tax and Estate Tax are interrelated.  The IRS allows you to give up to $14,000 per year to any number of people without incurring any gift taxes.

If the gift exceeds $14,000 in a given year, the person who makes the gift, not the recipient, has to file a gift tax return and pay any tax owed.  The giver has to file the tax form 709.  However, there is $5,430,000 lifetime exemption before you have to pay gift.

The Gift tax is very correlated with the estate tax.  Any gift that exceeds the annual exemption of $14,000 reduces your estate tax lifetime exemption of $5,430,000.  For example, you give your son $114,000 in 2015.   $14,000 is exempted while you have to file a gift tax return and report that you used $100,000 of your $5,430,000 lifetime exemption.

How much is Washington DC Gift Tax?

There are NO Washington DC Gift Tax.  All Gift Tax are exempt in Washington DC.

If the total Estate asset (property, cash, etc.) is over $5,430,000, it is subject to the Federal Estate Tax (Form 706).

How to file Washington DC Gift Tax?

Since there are no Washington DC Gift Tax, you do not need to file any tax forms.

Get more information on Washington DC Gift Tax:

You can call IRS directly at 800-829-1040 or call the Washington DC Department of Revenue regarding gift and estate tax.

North Dakota Gift Tax

What is Gift Tax North Dakota?

Gift Tax, sometimes confused with Inheritance / Estate Tax, is a tax on the transfer of cash/asset/property by one person to another while receiving nothing in return.  The tax applies whether the donor intends the transfer to be a gift or not.  The Gift Tax and Estate Tax are interrelated.  The IRS allows you to give up to $14,000 per year to any number of people without incurring any gift taxes.

If the gift exceeds $14,000 in a given year, the person who makes the gift, not the recipient, has to file a gift tax return and pay any tax owed.  The giver has to file the tax form 709.  However, there is $5,430,000 lifetime exemption before you have to pay gift.

The Gift tax is very correlated with the estate tax.  Any gift that exceeds the annual exemption of $14,000 reduces your estate tax lifetime exemption of $5,430,000.  For example, you give your son $114,000 in 2015.   $14,000 is exempted while you have to file a gift tax return and report that you used $100,000 of your $5,430,000 lifetime exemption.

How much is North Dakota Gift Tax?

There are NO North Dakota Gift Tax.  All Gift Tax are exempt in the State of North Dakota.

If the total Estate asset (property, cash, etc.) is over $5,430,000, it is subject to the Federal Estate Tax (Form 706).

How to file North Dakota Gift Tax?

Since there are no North Dakota Gift Tax, you do not need to file any tax forms.

Get more information on North Dakota Gift Tax:

You can call IRS directly at 800-829-1040 or call the North Dakota Department of Revenue regarding gift and estate tax.

Alaska Gift Tax

What is Gift Tax Alaska?

Gift Tax, sometimes confused with Inheritance / Estate Tax, is a tax on the transfer of cash/asset/property by one person to another while receiving nothing in return.  The tax applies whether the donor intends the transfer to be a gift or not.  The Gift Tax and Estate Tax are interrelated.  The IRS allows you to give up to $14,000 per year to any number of people without incurring any gift taxes.

If the gift exceeds $14,000 in a given year, the person who makes the gift, not the recipient, has to file a gift tax return and pay any tax owed.  The giver has to file the tax form 709.  However, there is $5,430,000 lifetime exemption before you have to pay gift.

The Gift tax is very correlated with the estate tax.  Any gift that exceeds the annual exemption of $14,000 reduces your estate tax lifetime exemption of $5,430,000.  For example, you give your son $114,000 in 2015.   $14,000 is exempted while you have to file a gift tax return and report that you used $100,000 of your $5,430,000 lifetime exemption.

How much is Alaska Gift Tax?

There are NO Alaska Gift Tax.  All Gift Tax are exempt in the State of Alaska.

If the total Estate asset (property, cash, etc.) is over $5,430,000, it is subject to the Federal Estate Tax (Form 706).

How to file Alaska Gift Tax?

Since there are no Alaska Gift Tax, you do not need to file any tax forms.

Get more information on Alaska Gift Tax:

You can call IRS directly at 800-829-1040 or call the Alaska Department of Revenue regarding gift and estate tax.

South Dakota Gift Tax

What is Gift Tax South Dakota?

Gift Tax, sometimes confused with Inheritance / Estate Tax, is a tax on the transfer of cash/asset/property by one person to another while receiving nothing in return.  The tax applies whether the donor intends the transfer to be a gift or not.  The Gift Tax and Estate Tax are interrelated.  The IRS allows you to give up to $14,000 per year to any number of people without incurring any gift taxes.

If the gift exceeds $14,000 in a given year, the person who makes the gift, not the recipient, has to file a gift tax return and pay any tax owed.  The giver has to file the tax form 709.  However, there is $5,430,000 lifetime exemption before you have to pay gift.

The Gift tax is very correlated with the estate tax.  Any gift that exceeds the annual exemption of $14,000 reduces your estate tax lifetime exemption of $5,430,000.  For example, you give your son $114,000 in 2015.   $14,000 is exempted while you have to file a gift tax return and report that you used $100,000 of your $5,430,000 lifetime exemption.

How much is South Dakota Gift Tax?

There are NO South Dakota Gift Tax.  All Gift Tax are exempt in the State of South Dakota.

If the total Estate asset (property, cash, etc.) is over $5,430,000, it is subject to the Federal Estate Tax (Form 706).

How to file South Dakota Gift Tax?

Since there are no South Dakota Gift Tax, you do not need to file any tax forms.

Get more information on South Dakota Gift Tax:

You can call IRS directly at 800-829-1040 or call the South Dakota Department of Revenue regarding gift and estate tax.

Delaware Gift Tax

What is Gift Tax Delaware?

Gift Tax, sometimes confused with Inheritance / Estate Tax, is a tax on the transfer of cash/asset/property by one person to another while receiving nothing in return.  The tax applies whether the donor intends the transfer to be a gift or not.  The Gift Tax and Estate Tax are interrelated.  The IRS allows you to give up to $14,000 per year to any number of people without incurring any gift taxes.

If the gift exceeds $14,000 in a given year, the person who makes the gift, not the recipient, has to file a gift tax return and pay any tax owed.  The giver has to file the tax form 709.  However, there is $5,430,000 lifetime exemption before you have to pay gift.

The Gift tax is very correlated with the estate tax.  Any gift that exceeds the annual exemption of $14,000 reduces your estate tax lifetime exemption of $5,430,000.  For example, you give your son $114,000 in 2015.   $14,000 is exempted while you have to file a gift tax return and report that you used $100,000 of your $5,430,000 lifetime exemption.

How much is Delaware Gift Tax?

There are NO Delaware Gift Tax.  All Gift Tax are exempt in the State of Delaware.

If the total Estate asset (property, cash, etc.) is over $5,430,000, it is subject to the Federal Estate Tax (Form 706).

How to file Delaware Gift Tax?

Since there are no Delaware Gift Tax, you do not need to file any tax forms.

Get more information on Delaware Gift Tax:

You can call IRS directly at 800-829-1040 or call the Delaware Department of Revenue regarding gift and estate tax.

Montana Gift Tax

What is Gift Tax Montana?

Gift Tax, sometimes confused with Inheritance / Estate Tax, is a tax on the transfer of cash/asset/property by one person to another while receiving nothing in return.  The tax applies whether the donor intends the transfer to be a gift or not.  The Gift Tax and Estate Tax are interrelated.  The IRS allows you to give up to $14,000 per year to any number of people without incurring any gift taxes.

If the gift exceeds $14,000 in a given year, the person who makes the gift, not the recipient, has to file a gift tax return and pay any tax owed.  The giver has to file the tax form 709.  However, there is $5,430,000 lifetime exemption before you have to pay gift.

The Gift tax is very correlated with the estate tax.  Any gift that exceeds the annual exemption of $14,000 reduces your estate tax lifetime exemption of $5,430,000.  For example, you give your son $114,000 in 2015.   $14,000 is exempted while you have to file a gift tax return and report that you used $100,000 of your $5,430,000 lifetime exemption.

How much is Montana Gift Tax?

There are NO Montana Gift Tax.  All Gift Tax are exempt in the State of Montana.

If the total Estate asset (property, cash, etc.) is over $5,430,000, it is subject to the Federal Estate Tax (Form 706).

How to file Montana Gift Tax?

Since there are no Montana Gift Tax, you do not need to file any tax forms.

Get more information on Montana Gift Tax:

You can call IRS directly at 800-829-1040 or call the Montana Department of Revenue regarding gift and estate tax.

Rhode Island Gift Tax

What is Gift Tax Rhode Island?

Gift Tax, sometimes confused with Inheritance / Estate Tax, is a tax on the transfer of cash/asset/property by one person to another while receiving nothing in return.  The tax applies whether the donor intends the transfer to be a gift or not.  The Gift Tax and Estate Tax are interrelated.  The IRS allows you to give up to $14,000 per year to any number of people without incurring any gift taxes.

If the gift exceeds $14,000 in a given year, the person who makes the gift, not the recipient, has to file a gift tax return and pay any tax owed.  The giver has to file the tax form 709.  However, there is $5,430,000 lifetime exemption before you have to pay gift.

The Gift tax is very correlated with the estate tax.  Any gift that exceeds the annual exemption of $14,000 reduces your estate tax lifetime exemption of $5,430,000.  For example, you give your son $114,000 in 2015.   $14,000 is exempted while you have to file a gift tax return and report that you used $100,000 of your $5,430,000 lifetime exemption.

How much is Rhode Island Gift Tax?

There are NO Rhode Island Gift Tax.  All Gift Tax are exempt in the State of Rhode Island.

If the total Estate asset (property, cash, etc.) is over $5,430,000, it is subject to the Federal Estate Tax (Form 706).

How to file Rhode Island Gift Tax?

Since there are no Rhode Island Gift Tax, you do not need to file any tax forms.

Get more information on Rhode Island Gift Tax:

You can call IRS directly at 800-829-1040 or call the Rhode Island Department of Revenue regarding gift and estate tax.