In 2017, Bill and his wife, Helen, made the following gifts: Bill's gifts: $50,000 to each of his five children; $30,000 to each of his six grandchildren; $100,000 to Central Hospital for his nephew's hospital bill. Helen's gifts: $100,000 to each of her two children; $50,000 to each of her three grandchildren; $200,000 a state senator's reelection campaign.
What are Bill's and Helen's respective taxable gifts (before their unified credit) if they do not elect gift splitting.

Question

Quizplus · Accepted Answer

[(5 x $50,000) + (6 x $30,000) - (11 x $14,000 annual exclusions) = $276,000;
(2 x $100,000) + (3 x $50,000) - (5 x $14,000) = $280,000. Neither the gift to the hospital nor to the reelection campaign is a taxable gift.

In 2017, Bill and His Wife, Helen, Made the Following