Live in new jersey and received a cash gift over $20,000 -is this taxable in new jersey ?

[MichaelDC · Accepted solution]

No. There is no New Jersey state (or Federal) tax on gift income. http://www.state.nj.us/treasury/taxation/njit12.shtml

Sometime on a federal return, there's a gift tax that the giver must pay; however, there is no New Jersey state gift tax laws, so New Jersey never imposes a tax on a gift.

[SweetieJean]

However, you can claim it in the Sales Tax deduction section of your Federal return if you itemize.