A husband and wife together could give $20,000 to their niece with no gift tax liability even if the entire $20,000 came from the wife's checking account.

Question

Quizplus · Accepted Answer

According to the rules of gift tax, spouses can combine their annual gift exemptions to give a tax-free gift of up to $30,000 to any one person. In this case, the husband and wife are giving $20,000, which is below the $30,000 limit. It doesn't matter whose checking account the money came from, as long as it is a gift from both spouses together. Therefore, there would be no gift tax liability.

A Husband and Wife Together Could Give $20,000 to Their