Legal Question in Tax Law in New Jersey

How much can I be gifted for a down payment on a house without having to pay taxes in NJ?


Asked on 12/28/14, 6:49 pm

1 Answer from Attorneys
Kevin Pollock Law Office of Kevin A. Pollock LLC

You can give away an unlimited amount; New Jersey does not have a gift tax. However, the federal limit is $5,340,000 for 2014 and $5,430,000 for 2015.

Anything over $14,000 should be reported on a Federal gift tax return. Form 709. www.irs.gov/pub/irs-pdf/f709.pdf

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Answered on 12/29/14, 7:49 am


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