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Does Virginia have gift tax on monetary and real estate gifts?

Customer Question
Is there a Virginia tax...
Is there a Virginia tax law requiring a tax to be paid on large monetary and or real estate gifts? Gift transfered 2002.
Submitted: 11 years ago.Category: Tax
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8/13/2006
Tax Professional: Lev, Tax Advisor replied 11 years ago
Lev
Lev, Tax Advisor
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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 - http://www.tax.virginia.gov/site.cfm?alias=Estate#GeneralInfo

following form EST-80 should be used - http://www.tax.virginia.gov/web_pdfs/indforms/EST80a.pdf. Federal estate tax return (forn 706) should be attached.

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

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Customer reply replied 11 years ago

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

If that gift (person who gives the gift 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?

Tax Professional: Lev, Tax Advisor replied 11 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 - http://www.irs.gov/pub/irs-pdf/f709.pdf. The gift tax would due if lifetime limit $1,000,000 is reached.

Virginia doesn't have gift tax.

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