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22 November, 03:54

A. patel is single and gives each of his six grandchildren $30,000 this year. patel's gift tax exclusion is

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  1. 22 November, 07:35
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    According to annual gift tax exemption you are allowed to make gifts of up to $14,000 per year per person which is tax-free. Now Patel gave his six grand children $30,000 each. So, Patel's gift tax exclusion on each individual is $14,000. The amount above the annual limit that is $14,000 to each individual has to be reported and counts toward Patel’s lifetime exclusion.
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