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In 2017, you gave a gift of $10,700 to a friend. What was the gift tax?...

In 2017, you gave a gift of $10,700 to a friend. What was the gift tax? In 2017, you can gift up to $14,000 to any one person without incurring any gift tax. Keep in mind that the threshold for 2019 has increased to $ 15,000

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Answer #1

The given statement in problem states that " In 2017 you can gift upto $14,000 to any one person without incurring any gift tax".

Since the gift given in 2017 amounted to $10,700 which lies below the threshold of $14,000 upto which no hift tax is to be levied upon. There was no gift tax in 2017 considering the above facts.

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