Connecticut Gift Deed
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How to fill out Gift Deed?
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FAQ
INTRODUCTION: Many people are not aware that the transfer of property by gift, including the transfer of real estate, may be subject to the Federal and the Connecticut gift taxes.
Connecticut has the unique distinction of being the only State that also assesses a State gift tax separate from the Federal Gift Tax. However, Connecticut applies the same gift tax exemption of $15,000 and the State filing requirements are similar to that of the Federal requirements.
It must be signed before a notary and two witnesses. The notary may be a witness, but the person receiving the ownership right cannot be a witness. In addition to the Deed, you will need a conveyance tax form. Although no tax will be due, you still need to complete the form.
Transfers of residential property in Connecticut are generally subject to real estate conveyance tax paid by the seller. The current graduated tax rates are 0.75 percent of the purchase price for conveyances of $800,000 or less and 1.25 percent on any portion of the consideration in excess of $800,000.
Starting in 2023, the Connecticut lifetime gift and estate tax exemption amount will match the federal gift and estate tax exemption amount, meaning that the Connecticut exemption will increase from $9.1 million to $12.92 million on January 1, 2023.
INTRODUCTION: Many people are not aware that the transfer of property by gift, including the transfer of real estate, may be subject to the Federal and the Connecticut gift taxes.
If you are a resident individual, you are required to file Form CT?706/709 if: You made a gift of real or tangible personal property located in Connecticut or made a gift of intangible property and the amount of your Connecticut taxable gifts entered on your Form CT?706/709, Schedule A, Line 9, is more than $0; or.
