Little-debated Minnesota gift tax kicks in July 1
A state gift tax, set to take effect Monday, makes Minnesota only the second state in the country to tax large gifts between residents.
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#1 Jun 29, 2013
Thank you very much Democrats! NOT!!!!
#2 Jun 29, 2013
But large means $1 million or more over a lifetime, meaning most Minnesotans won’t be affected by it.
Those that are affected will find will find themselves being charged for transferring things such as lake homes, boats and family businesses to relatives.
The tax was part of the omnibus tax bill the state Legislature approved during its 2013 session.
“It definitely doesn’t apply to the majority of people in the state,” said Cameron Seybolt, an estate lawyer with Minneapolis-based Fredrikson & Byron.“If you’re never going to give away more than $1 million in your entire life, then you probably don’t care about this tax.”
Poor rich folks.... LMAOROFU~!
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