Question
In: Accounting
D, a single taxpayer, made the following cash gifts in 2019. To qualified charity 19,000 To...
D, a single taxpayer, made the following cash gifts in 2019.
To qualified charity 19,000
To minor child B (not a dependent) 27,000
To political candidates W,X,Y and Z 21,000
To friend C 25,000
After application of the 15,000 annual exclusion, what is the total amount of taxable gifts made by D in 2019?
Solutions
Expert Solution
The annual exclusion of $15,000 is applicable to each recipient of the gifts. Hence, D would be liable to pay tax on the following amounts:
To qualified charity: $0
To minor child B $ 12,000
To political candidates W,X,Y,Z $ 6,000 (this note is unclear as to whether a total amount of $21000 has been gifted to all of them together or to each of them)
To friend $ 10,000
Total $ 28,000
He needs to file a gift tax return for $28,000
ekkarill92 answered 2 years agoRelated Solutions
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