Burt and Lisa are married and live in a common law state. Burt wants to make gifts to their four children in 2018. What is the maximum amount of the annual exclusion they will be allowed for these gifts?
A) $15,000.
B) $30,000.
C) $60,000.
D) $120,000.
E) None of these.

Question

Quizplus · Accepted Answer

In 2018, the annual gift tax exclusion was $15,000 per recipient. Since Burt and Lisa can each give $15,000 to each of their four children, the total exclusion amount is $15,000 x 2 (parents) x 4 (children) = $120,000.

Burt and Lisa Are Married and Live in a Common