Answer to Question #291055 in Macroeconomics for Jen

Question

Cathy​, a married​ taxpayer, makes the following gifts during the current year ​(2021​): $18,000 to her​ church, $66,000 to her​ daughter, and $21,000 to her husband.

What is the amount of Cathy's taxable gifts for the current year​ (assuming she does not elect to split the gifts with her​ spouse)? ​(To arrive at taxable​ gifts, a $15,000 annual exclusion is allowed per done for 2021. Complete all input fields. Enter a​ "0" for any zero​ amounts.)

Total gift given Taxable gift

Gift to daughter

Gift to husband

Contribution to church

Total

Answer 1

taxable gift to the daughter is $66000 - $15000 = $51000

taxable gift to husband is 0

taxable gift to church 0

total taxable gift is $51000