Tax on gift of equity in Danbury Connecticut

[Benjamin Shaw]

Hi BP Friends!

    Just wanted to run this by you guys. From what I'm seeing in the guide on Connecticut Estate and Gift Tax, is it correct that someone can give a gift of equity, but after $14,000 they have to use the CT-706 form to report it. Also, they will not actually pay tax unless the amount goes over 2 million per year?

Thanks,

Ben

[Steven Hamilton II]

Yes, they also have to file a Federal Gift Tax Return Form 706. Keep in mind those numbers will have to be kept long term as part of it used up over lifetime gifts.