Question

Elijah and Anastasia are husband and wife who have four married children and fourteen minor grandchildren. For 2018, what is the maximum amount they can give to their family (including the sons- and daughters-in-law) without using any of their unified transfer tax credit?

Answer 1

Calculate the number of family member first.

Number of family member = 4 married children + 4 spouses of the married children + 14 grandchildren = 22

For 2018, the maximum amount that a taxpayer can give without using any of their unified transfer tax credit is $15,000 per person. Therefore, Elijah and Anastasia, together can give $30,000 ($15,000 x 2) per person without using any of their unified transfer tax credit.

Therefore,

The maximum amount they can give to their family without using any of their unified transfer tax credit

                              = $30,000 x 22

                              = $660,000 (Answer)