Question

Barry and his wife, Mary, have accumulated over $5.4 million during their 50 years of marriage....

Barry and his wife, Mary, have accumulated over $5.4 million during their 50 years of marriage. They have four children and two grandchildren.

How much money can Barry and Mary gift to their grandchildren in 2017 without any gift tax liability?

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Answer #1

Calculation of Amount of Money that Barry and Mary gift to their grandchildren in 2017 without any gift tax liability :

. In 2017, a couple could give up to $14,000 as a tax-free gift to their grandchildren

Therefore

Total Amount each can be give as tax free = $14,000 * Number of Grandchildren

= $14000 * 2

= $28,000

Total Amount both can be give as tax free = $28000 * 2

= $56,000

Amount of Money that Barry and Mary gift to their grandchildren in 2017 without any gift tax liability is $56,000.

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