How much is Gift Tax Exclusion?

Question: How much is gift tax exclusion?

Answer: For tax year 2014 (Filing in 2015), the gift tax exclusion is $14,000.  Meaning if your parent, relatives or friends give you $14,000, you are exempted and do not need to file the Gift Tax Form, 709.  If you do exceed the git tax threshold, the payer (not the receiver) has to file Gift Tax Form 709.

There are two states that have a separate gift tax; Connecticut and Minnesota.  If you live in those two states, you are subjected to the State’s gift tax.

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