Barry and his wife, Mary, have accumulated over $4.8 million during their 50 years of marriage. They have two children and six grandchildren. How much money can they gift to their children in 2017 without any gift tax liability?
| Barry and Mary can make an annual contribution of $15000 as a gift. | |||||||||
| The $15000 is excluded from gift tax. | |||||||||
| Anything gifted over and above the $15000 will be counted towards the | |||||||||
| $11.4 million lifetime exemption. | |||||||||
| In other words, Barry and Mary can gift the whole $4.8 million, since Barry and Mary | |||||||||
| are exempt from paying taxes on gifts made in the amount of $11.4 million during their lifetime. | |||||||||
Barry and his wife, Mary, have accumulated over $4.8 million during their 50 years of marriage....
Barry and his wife, Mary, have accumulated over $4.8 million during their 50 years of marriage. They have two children and six grandchildren. How much money can they gift to their children in 2017 without any gift tax liability?
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Ralph Reed, who turned 65 in December of 2018 and his wife, Mary, the older woman at 67, have been married for 40 years. They support several family members including Ralph's parents who live down the street, two teenage girls still in high school (under 16) and a son, 22, just finishing graduate school. Ralph, though long suffering, has been paying more than 50% of their support, if not all 100%, throughout 2017. Ralph works full-time and receives a salary...
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