Question

The total of paul's taxable gifts, assuming he does not elect gift splitting with his spouse, subject to the unified transfer tax is:________

Answer 1

Gift splitting permits a married couple to merge their gift tax exemptions to help enhance the advantages of tax-free gifting.

What is a gift-splitting gift?

This method is not automatic, and the ability to split gifts requires that certain prerequisites are met, including the consent of both spouses on a pointed federal gift tax return.

Gift splitting allows a wedding couple to combine their gift tax exemptions to help enhance the advantages of tax-free gifting.

The unified tax credit gives a set dollar quantity that an individual can gift during their lifetime and give on to heirs before any gift or estate taxes apply.

To learn about unified tax credit visit the link

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