Question

Check my woi For the holidays, Marty gave a watch worth $18,400 to Emily and jewelry worth $40,750 to Natalie. Required: 10 points a. Has Marty made any taxable gifts this year and, if so, in what amounts? b. Assume Marty is married to Wendy and they live in a community-property state. What are the amounts, if any, of their taxable gifts? eBook (For all requirements, leave no answer blank. Enter zero if applicable.) Hint Print References a. Marty's taxable gift to Emily Marty's taxable gift to Natalie Marty's taxable gift to Emily Marty's taxable gift to Natalie Wendy's taxable gift to Emily Wendy's taxable gift to Natalie $ 0

Answer 1

Answer:

a.) Annual exclusion for gifts in 2019 is $15000.

For each gift paid we can exclude $15000 to calculate the taxable amount.

After reducing $15000 from both

Marty's taxable gift to Emily is $18400- $15000 = $3400

Marty's taxable gift to natalie is $40750 - $15000 = $25750

b.) If the gifts are from the community property or marty and his spouse decides to split between them.

Gifts given to Emily by Marty and his spouse : $9200 each

Gifts given to Natalie by Marty and his spouse : $20375 each

Applying the annual exclusion of $15000,

Neither Marty nor Wendy made taxable gifts to Emily

Marty's taxable gift to Emily $0

Marty's taxable gift to Natalie $20375 - $15000 = $5375

Wendy's taxable gift to Emily $0

Wendy's taxable gift to Natalie $20375 -$15000 = $5375

Answer 2

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