Burt and Lisa are married and live in a common law state.Burt wants to make gifts to their four children in 2013.What is the maximum amount of the annual exclusion they will be allowed for these gifts?
A)$14,000.
B)$28,000.
C)$56,000.
D)$112,000.
E)None of the above.

Question

Quizplus · Accepted Answer

In 2013, the annual gift tax exclusion was $14,000 per recipient. Since Burt and Lisa are married, they can split gifts, allowing them to give $28,000 per child. With four children, the total exclusion is $28,000 x 4 = $112,000.

Burt and Lisa Are Married and Live in a Common