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grigory [225]
3 years ago
14

Barry and his wife, Mary, have accumulated over $3.5 million during their 50 years of marriage. They have three children and fiv

e grandchildren. How much money can they gift to their children in 2017 without any gift tax liability?
Mathematics
1 answer:
tresset_1 [31]3 years ago
8 0

Answer:

$208,000

Step-by-step explanation:

For 50 years of marriage, Barry and Mary accumulated over $3.5million.

They have 3 children and 5 grandchildren which gives a total of 8.

You are allowed to give up $13,000 each year to a person without incurring tax liability.

This means Barry and Mary can give $13,000 to anyone each

For the 3 children and 5 grandchildren, Barry and Mary can gift $(13000 * 8) each

= $104,000 each

Therefore, Barry and Mary can gift $208,000 (104,000*2) to their children in 2017 without gift tax liability

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