Burt and Lisa are married and live in a common law state.Burt wants to make gifts to their four children in 2019. 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 2019, the annual gift tax exclusion amount was $15,000 per recipient. In a common law state, each spouse can make a $15,000 gift to any individual without incurring the gift tax, allowing for a combined $30,000 exclusion per recipient if they elect to split gifts. For four children, this totals $120,000 ($30,000 per child x 4 children).

Burt and Lisa Are Married and Live in a Common