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Answered in 5 minutes by:
2/11/2023
P. Simmons, Attorney
Category: General
Satisfied Customers: 49,327
Experience: 45 years old, retired Marine Officer, current attorney
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Can you tell me, are you planning to do this now? Or at some later date (like, for example, after your death)?
Thank you for your patience
TX does not have a gift tax. CT has a gift tax but only for property that is in CT (so in your case, there is no CT property so no CT tax).
The Feds DO have a gift tax. The federal gift tax exemption is currently $17K/year/person. So if you gave your child a gift of $20K you (the donor) would owe a tax on the difference ($20K - $17K = $3K). That said, there is a $11M lifetime exemption for the federal gift tax...so you could give the gift and when you file federal taxes, claim that exemption to eliminate the tax.
Bottom line: There is NO gift to the donee (your children). You have a tax associated with the gift, but you can avoid the tax by filing the gift amount against your lifetime exemption. Your accountant can do this for you when you file next year
Please let me know if you have more questions. Happy to help if I can.
P. Simmons, Attorney
Category: General
Satisfied Customers: 49,327
Experience: 45 years old, retired Marine Officer, current attorney
VerifiedP. Simmons and 87 other General Specialists are ready to help you
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