You and your spouse wish to give each of your three grandchildren a yearly tax-free gift from your estate.If you give each of your three grandchildren the maximum amount allowed by law,what is the total amount that you as a couple would pay out in gifts in 2017?

Question

Quizplus · Accepted Answer

In 2017, the annual gift tax exclusion was $14,000 per recipient. As a couple, you and your spouse could each give $14,000 to each grandchild, doubling the amount to $28,000 per grandchild. With three grandchildren, the total would be $28,000 x 3 = $84,000 per year.

You and Your Spouse Wish to Give Each of Your