Gift Letter For Money Without Tax In Illinois
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FAQ
Use Form 709 to report: Transfers subject to the federal gift and certain generation-skipping transfer (GST) taxes.
Gradually making smaller gifts: Each year, taxpayers can gift up to what is called the “annual exclusion amount” (in 2025, $19,000 per donor per recipient; $38,000 for married couples) without incurring the gift tax.
While Illinois does not tax gifts made during your lifetime, the Illinois estate tax does take into account a certain amount of those taxable gifts that were made in excess of the annual exclusion amount ($18,000 in 2024 and filed on your federal 709 gift tax return).
Illinois has a flat 4.95 percent individual income tax rate. Illinois has a 9.5 percent corporate income tax rate. Illinois also has a 6.25 percent state sales tax rate and an average combined state and local sales tax rate of 8.86 percent.
Illinois Does Not Have A Gift Tax There is no gift tax in Illinois. But, any amounts you gift above the federal gift tax exclusion reduces your estate tax lifetime exemption limit in Illinois.
