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Andrew and Brianna are married and live in Texas, a community-property state. For their birthdays this...

Andrew and Brianna are married and live in Texas, a community-property state. For their birthdays this year Andrew gave cash gifts of $26,600 to each of his two daughters, and brianna gave $42,800 to her niece. what is the amount of andrews taxable gifts?

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Answer #1

Any gift is a taxable gift. However there some exclusions to the taxable gifts, They areas follows:

1. gifts that were not exceeding annual exclusion

2. Tuition or medical expenses

3. gifts to spouce

4. gifts to political organization

Therefore, from the year 2018 the annual exclision is $15,000 per individual.

In the hands of Andrew:

Taxable Gift = Gift - annual Exclusin

Taxable Gift = ($26,600 2) - ($15,000 2)

Taxable Gift = $23,200

In the hands of Brianna:

Taxable Gift = Gift - annual Exclusin

Taxable Gift = $42,800 - $15,000

Taxable Gift = $27,800

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