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Mark D
Mark D, Enrolled Agent
Category: Tax
Satisfied Customers: 1304
Experience:  MBA, EA, Specializing in Business and Individual Tax Returns and Issues
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What is the gift tax for the state of N.C. in amount of $3

Resolved Question:

What is the gift tax for the state of N.C. in amount of $300,000?
Submitted: 5 years ago.
Category: Tax
Expert:  Mark D replied 5 years ago.

Mark D :

Hello

Customer:

Hi

Mark D :

The NC gift tax was repealed for all gifts made after 1/1/2009.

Mark D :

However, there is still Federal gift tax on reportable gifts over $13K in one year per individual.

Customer:

So do that means no gift tax apply for either party?

Mark D :

At the state level, yes

Mark D :

The person gifting the cash would need to file Federal Form 709 and either pay the gift tax or claim part of their lifetime exclusion of $1 million.

Mark D :

The top rate is 35%

Customer:

So the person who receive the gift pay no taxes?

Mark D :

Correct, and also no reporting requirements, unless it was a foreign gift

Customer:

Thank you so much! You have been very helpful!

Mark D :

You are most welcome

Mark D and other Tax Specialists are ready to help you

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