Barry and his wife Mary have accumulated over $4 million during their 43 years of marriage. They have five children and seven grandchildren.
How much money can Barry and Mary gift to their grandchildren in 2019 without any gift tax liability?
Gift is exempted from tax upto an amount of $15000 for 2019
There are total 7 Grandchildren
Therefore Each Can gift = $15000 *7 = $105,000
Both Barry and Mary can gift = $105,000 * 2 = $210,000
Both Barry and Mary can Gift $210,000 in 2019 to Grandchildren without any gift tax liability
NOTE:-The annual exclusion applies to gifts to each donee
Barry and his wife Mary have accumulated over $4 million during their 43 years of marriage....
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