A married couple with four children may give gifts up to ________ each year to their children.

Question

Quizplus · Accepted Answer

The annual gift exclusion per recipient for 2021 is $15,000. With a married couple, they can split the gift and each give $15,000 to the same recipient, totaling $30,000 per child. With four children, that would add up to $120,000. However, the couple can also utilize their lifetime gift tax exemption, which is currently $11.7 million. Any gifts exceeding the annual limit of $15,000 per recipient will count towards this lifetime exemption. Therefore, the couple can give up to $104,000 annually without incurring any gift tax consequences. Option D is the closest choice.

A Married Couple with Four Children May Give Gifts Up