Walnut Creek & Oakland Gift Tax Attorney

Basics of gift tax law in Northern California

When a person gives another person or a non-charitable organization money or property that is equal to or above a certain amount, a California gift tax in Oakland or Walnut Creek is imposed. The amount at which taxation begins is regulated by the annual exclusion amount. In 2010, a US taxpayer can give $13,000 without incurring the gift tax. There is no limit to the number of individuals to whom a donor may give this amount. If someone is married, the law effectively allows them to give double this amount. Other rules which apply to gift tax law in Oakland and Walnut Creek include:

  • The amount of the gift cannot be greater than the amount of the exclusion during one calendar year
  • Any amount of education expenses are nontaxable
  • Gifts given to a spouse or political organization are nontaxable

Gift tax planning in Oakland and Walnut Creek

If you are considering giving a gift, or you are the recipient of one, and need more information about Oakland gift tax planning, you should speak with a Walnut Creek or Oakland gift tax attorney at Vaught & Boutris LLP.

Contact us to speak with an Oakland gift tax lawyer

A gift tax lawyer in Walnut Creek or Oakland at Vaught & Boutris LLP can assist you with any aspect of California gift tax law, including planning and litigation. We are committed to providing exceptional legal representation at reasonable rates to clients throughout Northern California. Contact Vaught & Boutris LLP today.

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