M made the following cash gifts during 2016: To her son - $50,000. To her daughter...
M made the following cash gifts during 2016: To her son - $50,000. To her daughter - $50,000 and to her niece - $10,000.
- If M is unmarried, what is the amount of taxable gifts she has made in 2016?
- If M is married and her husband agrees to split gifts with her, what is the total amount of taxable gifts made by M and her husband for 2016?
Homework Answers
Answer a:
In 2016, the got amount tax payer can give per person per year without being taxed on gift is $14,000.
If married, spouses agree to split the gifts then they can give $28,000 per person per year without being taxed on the gift.
If M is unmarried, taxable gift during 2016 will be = $72,000
Workings:
Answer b:
If M is married and her husband agrees to split gifts with her, the total amount of taxable gifts made by M and her husband for 2016 = $44,000
Workings:
Add Answer to:
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