Connecticut Gift Tax
(For Gifts Made Before January 1, 2005)
The gift tax is the tax that is imposed on the transfer of property by gift during each calendar year. In general, all transfers of real or personal property by gift, whether tangible (such as a car, boat or jewelry) or intangible (such as cash) that are made by you (the donor) to someone else (the donee) are subject to the gift tax if the fair market value of the property (less encumbrances) exceeds the amount received (in money or other type of payment) for the property. Therefore, if you give property to another person or entity or if you sell it (other than in the regular course of business) for less than it is worth, you may be making a gift subject to the gift tax.
For more information on the Connecticut Gift Tax, please review:
SN 2003(12), 2003 Legislation Affecting the Connecticut Gift Tax (Applies to changes through 2009)