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gift tax

The federal gift tax is a tax on the transfer of property from one individual (the donor) to another (the donee) when the donor receives nothing—or less than full value—in return. The tax applies whether the donor intends the transfer to be a gift or not.

The gift tax applies to the transfer of a gift of any type of property. You make a gift if you give property (including money) or the use of or income from property without expecting to receive something of at least equal value in return. If you sell something at less than its full value or if you make an interest-free or reduced-interest loan, you may be making a gift.

For additional information, see Internal Revenue Service (IRS) Form 709 and its instructions.

In New Hampshire, as in all states, the federal gift tax applies to the transfer of property from one person to another when the transfer is made without receiving something of equal value in return. This tax is governed by federal law, not state law, and it applies to all individuals regardless of the state in which they reside. The Internal Revenue Service (IRS) oversees the administration of the gift tax, and individuals must report such transfers on IRS Form 709. There are annual exclusions and lifetime exemptions that may apply, allowing individuals to give gifts up to a certain amount without incurring the tax. It's important to consult with an attorney or tax advisor to understand the specific implications of the federal gift tax on any gifts made.

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Wills, trusts, and estates

gift tax

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Wills, trusts, and estates

gift tax

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