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Gift Taxes

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Is the gift tax still in effect?

The gift tax was repealed by Acts 2007, No. 371 effective July 1, 2008.

When must gift tax returns be filed?

For gifts made before July 1, 2008, a gift tax return, Form R-3302, is required to be filed by any individual, association, partnership, or corporation that made a gift to a single donee that exceeded the amount of the annual exclusion provided by R.S. 47:1205(A). If a gift exceeds the annual exclusion, a gift tax return must be filed even if no tax is due. A separate return must be filed for each calendar year that property is transferred by gift.

What is the annual gift tax exclusion?

A separate annual exclusion applies to each person to whom you make a gift.

The gift tax annual exclusion is:

  • $10,000 for gifts made prior to December 31, 2001;
  • $11,000 for gifts made between 2002 through 2005; and
  • $12,000 for gifts made after December 31, 2005.