Legal Question in Tax Law in New Jersey

What is gift tax? Is there anyway to avoid part or all?


Asked on 7/18/10, 1:47 pm

1 Answer from Attorneys
Jonathan Chester The Law Office of Jonathan S. Chester, Esq., LLC

The gift tax is related to the estate tax. It is a federal tax imposed on the donor when he or she makes a gift. There is an annual exclusion [currently $13,000] and in addition, everyone has a lifetime exemption of $1,000,000, so depending on the size of the gift, it is possible that no gift tax would be due.

This is a complex area of the tax law. I would be happy to discuss with you in more detail.

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Answered on 7/19/10, 6:05 am


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