A husband and wife could make up to how much in gifts to their two children each year without having tax consequences.

Question

Quizplus · Accepted Answer

As of my last update in 2023, the annual gift tax exclusion allows an individual to give up to $15,000 to another person in a single year without incurring a gift tax or even having to report the gift. For a married couple, this means they can each give $15,000 to the same person, doubling the amount to $30,000 without tax consequences. If they have two children, they can give each child $30,000 (2 x $15,000 from each parent), totaling $60,000 for both children combined. However, since the options provided do not match this updated figure, the closest and highest option available is $56,000, which would have been correct under a previous threshold of $14,000 per individual, allowing $28,000 per child from both parents, totaling $56,000 for two children.

A Husband and Wife Could Make Up to How Much