I keep getting conflicting answers regarding the Colorado gift tax
rate after the $14,000 exemption amount. I want to give my son and daughter more than $14,000. I understand the Federal law
and filing the Form 709. However, when it comes to Colorado, my lawyer says not to worry because Colorado has no gift tax and yet my tax
man says be very careful because Colorado does tax gifts over $14,000. I called Colorado Department of Revenue and couldn't get an answer.
Please, will you clarify this? I believe my tax man is right. I just need to know what the Colorado tax rate is after the $14,000. I called my tax man back for the tax rate and left a message on his voicemail but haven't heard back.
This seems like such an elementary question and it's driving me crazy that I cannot get an answer. I've come across 28%, 35%, 40% and higher. I need to have an answer I know is correct so I can plan. Please help.