Kerry M. Kerstetter, CPA (referred to as The Tax Guru by other CPAs around the country) helps capitalists, investors & small business owners win the tax game. See www.TaxGuru.org for much more detailed info.
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Tax Guru-Ker$tetter Letter
Tuesday, August 15, 2006
State Gift Tax Laws
Q:
Subject: Tax free giftsThanks for the info.Are there any state tax implications for the recipient of a gift under the limit, or do you ignore it for your state return as well (NJ in particular)?
A:
Most states piggy-back on the Federal rules; but a few of them have their own.
You should check with your personal professional tax advisor to see if there will be any state tax consequences in your particular state. Or if you're feeling brave, you can check your state tax agency's website. www.SisterStates.com will take you there.
Good luck.
Kerry Kerstetter
- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 8/15/2006 11:37:00 AM Send this post:
