Question

What is the basic requirement for a gift to be eligible for the annual exlcusion?

What is the basic requirement for a gift to be eligible for the annual exlcusion?

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

The basic requirement for a gift to be eligible for the annual exclusion is that it's value shall not exceed the the threshold limit which is $15,000 per donee in 2018 ($14,000 in 2017).

Here the the limit $15,000 applies to each donee.As long as the gift or gifts given to single donee doesn't exceed the above mentioned limit the donor or taxpayer doesn't need to pay gift tax.

However a tax payer or donor can give as many as gifts to his or her spouse because gift to the spouse will never be a taxable gift even though the value of the gift exceed the annual specified limit.

Hope this is useful anf thank you!!!!

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
What are the basic requirements for a completed gift?
What are the basic requirements for a completed gift?
Basic requirement for the number of subjects for each cell in a factorial design?
Basic requirement for the number of subjects for each cell in a factorial design?
If a Father wants to give the maximum an annual gift to his grandson in 2017,...
If a Father wants to give the maximum an annual gift to his grandson in 2017, the tax-free exclusion is:
The Modern Art Museum is an exempt organization that operates a gift shop. The museum’s annual...
The Modern Art Museum is an exempt organization that operates a gift shop. The museum’s annual operations budget is $3.2 million. Gift shop sales generate a profit of $900,000. Another $600,000 of investment income is generated by the museum’s endowment fund. Both the income from the gift shop and the endowment income are used to support the exempt purpose of the museum. The balance of $1.7 million required for annual operations is provided through admission fees. Clay Marshall, a new...
1. What are the elements to complete a gift interviews? What are the elements to complete...
1. What are the elements to complete a gift interviews? What are the elements to complete a gift Causa Mortis? What are the elements to a bailment? What are the duties of a bailee?
10. Describe one basic assumptions (requirement) to use and analyze data using t-test and F test....
10. Describe one basic assumptions (requirement) to use and analyze data using t-test and F test. Hint: population and sample. 11-14. The following data are pull-ups for college male students at pre and post. Find out if there is any difference between pre- and post-test. Pre-test 10, 11, 13, 14, 15, 16, 17 Post-test 11, 14, 16, 10, 22, 18, 19 11. What is the degree of freedom? ___________________________ 12. What is the t value? ______________________
What is the maximum percentage of the paid health insurance premium for which an eligible non-profit...
What is the maximum percentage of the paid health insurance premium for which an eligible non-profit small employer could be eligible as a tax credit in 2020?
Requirement 1: Type your name and the financial statement in the title to obtain credit, Requirement...
Requirement 1: Type your name and the financial statement in the title to obtain credit, Requirement 2: Discuss 2 of the 4 basic financial statements, specifying uses and at least two examples how managers may use the 2 statements. Make sure that your example is unique from any posts before yours to obtain credit, and Requirement 3: Give feedback to 1 classmate. Each learner should have 3 posts: 2 separate post to discuss 2 financial statements and 1 posts for...
A project that provides annual cash flows of $2,700 for nine years costs $8,800 today. Requirement...
A project that provides annual cash flows of $2,700 for nine years costs $8,800 today. Requirement 1: At a required return of 9 percent, what is the NPV of the project? (Do not round intermediate calculations. Round your answer to 2 decimal places (e.g., 32.16).)   NPV   $    Requirement 2: At a required return of 28 percent, what is the NPV of the project? Use the IRR function. (Do not round intermediate calculations. A negative amount should be indicated by a...
What was the basic cause of the Asian crisis? What was the basic cause of the...
What was the basic cause of the Asian crisis? What was the basic cause of the Russian crisis?
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT