Burt and Lisa are married and live in a common law state. Burt wants to make gifts to their four children in 2017. 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 these.

Question

Quizplus · Accepted Answer

In 2017, the annual gift tax exclusion was $14,000 per recipient. Since Burt and Lisa are married, they can each give $14,000 to each child, totaling $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