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3 years ago

If someone give gift to his wife of 255000 how much is taxable

Business

2 answers:

padilas [110]3 years ago

8 0

I do believe that gifts to a spouse are exempt from any gift tax. So $0 is taxable.

irakobra [83]3 years ago

8 0

Whether of the same sex or the opposite sex, there is an UNLIMITED amount of gifts a spouse can give to the other without there being a gift tax. So you can gift ANY amount and there will no be tax. However, the gift is still taxable beyond the $15,000 annual exclusion. $255,000 - $15,000 = $240,000.

Therefore, the giver gave $240,000 in taxable gifts and pays $0 gift taxes.

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3 years ago

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3 years ago