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