Barry and his wife Mary have accumulated over $8 million during their 49 years of marriage....
Barry and his wife Mary have accumulated over $8 million during their 49 years of marriage. They have eight children and ten grandchildren. How much money can Barry and Mary gift to their children in 2019 without any gift tax liability?
Homework Answers
Maximum exlcusion for gift tax in 2019 = $15,000
So, Barry and Mary each can gift $15,000 to anyone of their choosing.
For eighteen recipients (8 children and 10 grandchildren), each can gift $270,000.
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Barry and his wife Mary have accumulated over $8 million during
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