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Live in new jersey and received a cash gift over $20,000 -is this taxable in new jersey ?

Forum|Forum|7 years ago
June 1, 2019
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TurboTax Home & Biz Windows

Best answer by MichaelDC

No. There is no New Jersey state (or Federal) tax on gift income. http://www.state.nj.us/treasury/taxation/njit12.shtml

Sometime on a federal return, there's a gift tax that the giver must pay; however, there is no New Jersey state gift tax laws, so New Jersey never imposes a tax on a gift.

M

MichaelDCAnswer

Employee

No. There is no New Jersey state (or Federal) tax on gift income. http://www.state.nj.us/treasury/taxation/njit12.shtml

Sometime on a federal return, there's a gift tax that the giver must pay; however, there is no New Jersey state gift tax laws, so New Jersey never imposes a tax on a gift.

S

SweetieJean

Employee

However, you can claim it in the Sales Tax deduction section of your Federal return if you itemize.