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Jerry and Sarah would like to give the maximum possible gift that they can to their...

Jerry and Sarah would like to give the maximum possible gift that they can to their son without having to pay gift tax. They don't mind filling out a gift tax return - they just don't want to OWE any gift tax. Jerry and Sarah have never been required to file a gift tax return and live in a community-property state. How much can they transfer in 2020 to their son free of gift tax?

Group of answer choices 23,160,000 $11,580,000 $23,130,000 $30,000

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Answer #1

Jerry and Sarah can transfer $ 30000 to their son as it is under the Threshold Limit of Gift tax. Hence such amount wont attract any gift tax liability and not required to pay any gift tax return.

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