Does Pennsylvania Have A Gift Tax?

Pennsylvania does not have a gift tax. If you make a gift of money or property to someone in Pennsylvania while you are still living, you will not have to pay a state gift tax. There is however a federal gift tax, but most individuals are not impacted by the federal gift tax due to the lifetime exemption being $13.61 million in 2024. 

While gifts of more than a certain value may require a gift tax return be filed, it still would not be taxable, it only counts towards your federal lifetime exemption and thus requires disclosure. Currently you are permitted to gift $18,000 in 2024 and rising to $19,000 in 2025, to any one person in a time span of one year. 

Due to the fluctuation of exemptions and limits with each year, it is always best to consult with professionals to ensure you are complying with the most recent laws and regulations.

If you have any questions about the topic discussed in this article, or any estate planning matter, please give us a call at Bononi & Company 724-832-2499.

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