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Frequently Asked Questions

What states have a gift tax?

The federal gift tax is one of the most misunderstood and often ignored taxes assessed by the federal government. In addition, Connecticut and Minnesota are the only states that currently collect a gift tax at the state level.

What gifts are not subject to the gift tax?

The following may be exempt from paying the tax: Gifts below the annual or lifetime limit Payment of other people's tuition or medical expenses Gifts to spouses Presents to political organizations (those for official use) Gifts to accredited charitable organizations

Does a gift receiver have to pay tax?

It is the giver of the gift who is required to pay the gift tax. The receiver of the gift may pay the gift tax, or a percentage of it, on the giver's behalf, in the event that the giver has exceeded his/her annual personal gift tax deduction limit.

How much can you gift without paying gift tax?

For the 2019 and 2020 tax years, you can give away up to $15,000 to any individual without triggering a gift tax. But even if you go over the limit, you may just need to file some extra paperwork come tax time. You won’t owe an actual tax until you exceed your lifetime gift and estate tax exemption.

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