What are the limits for a cash gift to a family member that is non taxable for the state of connecticut?
Answer:
If you are making the gift this year (2006) your annual exclusion is $12,000 per person (family member or not). Keep in mind that the federal gift tax is a tax on the giver, not the receiver. If you are the person making the gift and you exceed the $12,000 (in 2006) you will need to file a gift return (IRS form 709). Side note- there are lifetime exclusions which may still allow you to not pay taxes in this year - please discuss with a tax advisor if you would like to make a larger gift.
If you are the person receiving the gift you are not required to file anything.
federal limit is $10K
the annual exclusion on gift tax is 11,000 per person. If a husband and wife both wish to separately give the same person 11,000. none of it would be taxable.
The answers post by the user, for information only, BAnswer.com does not guarantee the right.
Other Questions and Answers: