Tag Archives: Springfield Gift Tax

Missouri Gift Tax

What is Gift Tax Missouri?

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 Missouri Gift Tax?

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

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 Missouri Gift Tax?

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

Get more information on Missouri Gift Tax:

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

Massachusetts Gift Tax

What is Gift Tax Massachusetts?

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 Massachusetts Gift Tax?

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

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 Massachusetts Gift Tax?

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

Get more information on Massachusetts Gift Tax:

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

Illinois Gift Tax

What is Gift Tax Illinois?

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 Illinois Gift Tax?

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

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 Illinois Gift Tax?

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

Get more information on Illinois Gift Tax:

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