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27 November, 14:39

This year Drake and his son purchased real estate for an investment. The price of the property was $1,200,000, and the title named Drake and his son as joint tenants with the right of survivorship. Drake provided $900,000 of the purchase price and his son provided the remaining $300,000. What is the amount of the taxable gift

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  1. 27 November, 17:14
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    The amount of taxable gift is $285,000.

    ($900,000 - ($1,200,000) : 2) - $15,000 in 2020

    $900,000 - $600,000 - $15,000

    = $285,000.

    A gift tax can be defined as a tax that is imposed on the giver of a gift.

    For the year 2020 in the United States, the annual gift exclusion is $15,000 for one individual.
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