Ohio does not currently impose a gift tax, but there may be federal gift tax implications if the value of the gift exceeds certain limits. For gifts made in 2023, the annual gift tax exclusion is $17,000 per person. This means that you can gift up to $17,000 to each person without incurring any federal gift tax liability. If the value of the gift exceeds this amount, you may be required to file a gift tax return and pay gift tax.
It's important to note that the gift tax exclusion applies to gifts made to individuals. If you make a gift to a trust, the gift may be subject to different tax rules. Additionally, if you make a gift of property that has appreciated in value, you may be required to pay capital gains tax on the appreciated value.
You can find more information about the gift tax exclusion and other federal gift tax rules on the IRS website.
