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Lev, Tax Advisor
Category: Tax
Satisfied Customers: 28081
Experience:  Taxes, Immigration, Labor Relations
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Does the state of Virginia have gift tax requirments

Resolved Question:

Is there a Virginia tax law requiring a tax to be paid on large monetary and or real estate gifts? Gift transfered 2002.
Submitted: 10 years ago.
Category: Tax
Expert:  Lev replied 10 years ago.

The Virginia estate tax is a transfer tax on the estates of resident decedents and the estates of nonresident decedents having real estate or tangible personal property located in Virginia. See more details here -

following form EST-80 should be used - Federal estate tax return (forn 706) should be attached.

Virginia doesn't have gift tax and gift is considered as taxable income.

Customer: replied 10 years ago.
Reply to Lev's Post: Please explain your last sentence.

"...and gift is considered taxable income."

If that gift (giftor is alive)is real estate, is the giftee then to have the property valued for reporting reasons or are we talking about cash gifts only? Are there cash gift annual limits?
Expert:  Lev replied 10 years ago.

Sorry, this is typo. Should be read: the gift is considered non-taxable income.

The gift (either cash or property) valued less than $12,000 (for 2006) per person per year will not have any tax circumstances. The gift above this amount would require the giftor to file gift tax return - IRS form 709 - The gift tax would due if lifetime limit $1,000,000 is reached.

Virginia doesn't have gift tax.

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