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I keep getting conflicting answers regarding the Colorado gift

tax rate after the $14,000...
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.
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Answered in 2 minutes by:
6/26/2013
Richard
Richard, Tax Attorney
Category: Tax
Satisfied Customers: 55,792
Experience: 29 years of experience as a tax, real estate, and business attorney.
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Welcome! My goal is to do my very best to understand your situation and to provide a full and complete answer for you.

Good morning. Colorado has no gift tax so there is no tax on a gift over $14,000 in Colorado. The website of the Colorado Department of Revenue states this specifically: http://www.colorado.gov/cs/Satellite/Revenue/REVX/1177017542064



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Richard
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Category: Tax
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