Ozzie and Harriet are married and live in Michigan, a common-law state. For the holidays Ozzie...
Ozzie and Harriet are married and live in Michigan, a common-law state. For the holidays Ozzie gave cash gifts of $50,000 to his son, and Harriet gave $36,000 to her daughter. What is the total amount of Ozzie’s taxable gifts if Ozzie and Harriet elect to split the gifts?
Multiple Choice
-
$28,000.
-
$13,000.
-
$86,000.
-
None of the choices are correct.
-
$43,000.
Homework Answers
The annual gift tax exemption amount has been increased for the first time since 2013. For 2018 it is $15,000, up from $14,000. This is totally separate from the lifetime exemption amount. An individual can give $15,000 to as many individuals as they like in 2018. These annual gifts do not count towards the lifetime exemption amount.
The answer is 28000
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