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What are the IRS rules for gifting money to family members?
The total value of gifts the individual gave to at least one person (other than his or her spouse) is more than the annual exclusion amount for the year. The annual exclusion amount for 2025 is $19,000 and for 2024 is $18,000.
Is a tax on a gift of money or property to be paid by the giver not the receiver of the gift?
The gift tax is a tax on the transfer of property by one individual to another while receiving nothing, or less than full value, in return. The tax applies whether or not the donor intends the transfer to be a gift. The gift tax applies to the transfer by gift of any type of property.
What are the tax rules for gifting form 709?
Who Must File If you gave gifts to someone in 2024 totaling more than $18,000 (other than to your spouse), you probably must file Form 709. Certain gifts, called future interests, are not subject to the $18,000 annual exclusion and you must file Form 709 even if the gift was under $18,000.
Who pays the gift tax, the giver or the recipient?
Who pays the gift tax? The donor is generally responsible for paying the gift tax. Under special arrangements the donee may agree to pay the tax instead.
Is gift tax paid by giver or receiver?
Q: Who pays the gift tax? A: The gift tax is paid by the giver of the gift, not the recipient.
The donor is generally responsible for paying the gift tax. Under special arrangements the donee may agree to pay the tax instead.
Does the recipient of a gift have to report it to the IRS?
As a general rule, the giver of the gift, and not the recipient or recipients owes this tax.
How much can you inherit in CT without paying taxes?
For estates of decedents dying during 2024, the Connecticut estate tax exemption amount is $13.61 million. Therefore, Connecticut estate tax is due from a decedents estate if the Connecticut taxable estate is more than $13.61 million.
Related links
Estate, Inheritance, and Gift Taxes - The GC Wealth Project
Estate, Inheritance, and Gift Taxes (EIG) ; 2020 Connecticut Estate and Gift Tax Return Instructions. Connecticut State Department of Revenue Services June 2020.
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