Legal Question in Tax Law in New York

Is gift tax due on money gifted over $15,000?

Asked on 2/01/21, 11:27 am

1 Answer from Attorneys

Walter LeVine Walter D. LeVine, Esq.

Possibly. If the gift exceeds the annual allowed amount (currently $15,000), excess gets applied against your lifetime exclusion. This exclusion is currently over $11,000,000, so no tax is due until the lifetime amount is used up. Once the lifetime amount is used up, gift tax on gifts that exceed the annual exclusion will be due.

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Answered on 2/01/21, 11:32 am

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