Do gifts in excess of $14,000 require a gift tax payment?

It depends.  Gifts in excess of $14,000 are subject to federal gift tax, but the amount of the gift will be offset by the current $5,340,000 federal gift tax exclusion. Therefore, no gift tax will  actually be due unless your total lifetime gifts exceed the federal exclusion for gifts and estates permitted at the time. New York State no longer has a gift tax.

Posted in: Estate Planning and Elder Law