Frequently Asked Questions
The gift tax was repealed by Acts 2007, No. 371 effective July 1, 2008.
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.
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 through June 30, 2008.
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