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DanielleCPA
DanielleCPA, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 694
Experience:  Years of Experience in Business & Personal Taxes
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In 1987 and years forward, what was the gift amount between

Customer Question

In 1987 and years forward, what was the gift amount between family members that you did not have to report on Federal form as taxable, Did New York state follow that rule
Thank you

XXXXX XXXXX XXXXX Voorhees NJ XXXXXXXXXX
Submitted: 3 years ago.
Category: Tax
Expert:  DanielleCPA replied 3 years ago.

Hi and welcome to Just Answer! I'm happy to help with your tax questions. If you need clarification feel free to ask:

 

Annual Exclusion for Years:

1987-2001: $10,000

2002-2005: $11,000

2006-2008: $12,000

2009-present: $13,000

 

New York State does not have a gift tax.

DanielleCPA, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 694
Experience: Years of Experience in Business & Personal Taxes
DanielleCPA and 4 other Tax Specialists are ready to help you
Customer: replied 3 years ago.
When you say New York does not have a gift tax do you mean you can give a gift over the amount the IRS allows as nonreportable and then not report it on New York Tax filing?
Thank you
Expert:  DanielleCPA replied 3 years ago.

New York State's gift tax was repealed for years beginning January 1, 2000 and after. You could give a gift of any amount and it would be taxable in New York State. Keep in mind that gifts over the federal annual exclusion amount will eat into your lifetime exemption of gifting (currently set at $5million, but had been $1million for many years prior to 2010).

 

For years 1999 and prior, the annual exclusion for New York State was $10,000.

 

Customer: replied 3 years ago.
So that I fully understand I will repeat : For 1999 and prior if I gave to a family member of any where up to 10,000 they would not have to report it as taxable income in New York state
Thank you
XXXXX XXXXX
Expert:  DanielleCPA replied 3 years ago.

Correct, if you gave a gift under 10,000, it would need to be reported in New York State.

 

And to clarify, gifts are not taxable income. Gift tax is a tax that the giver of the gifts pays if their gifts to any one individual exceeds the annual exclusion. There is a separate Gift Tax return that would need to be filed in the event any gifts were above the exclusion. The federal form for this is Form 709. For New York State, it was form TP-400.

Customer: replied 3 years ago.
I am sorry to be such a pest but you say I am correct. .Then you say it would need to be reported. My question though says I understood that it did not have to be reported as taxable income by either the giver or receipient during 1987 and forward.
please reply

XXXXX XXXXX
Expert:  DanielleCPA replied 3 years ago.

I apologize - there was a typo in my response. I forgot to include the word not. It does NOT need to be reported.

 

You correct, if the gifts are under the exclusion, it does NOT need to be reported by either giver or receiver.

DanielleCPA, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 694
Experience: Years of Experience in Business & Personal Taxes
DanielleCPA and 4 other Tax Specialists are ready to help you

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