Ask Question
6 November, 22:06

This year Samantha gave each of her three nephews birthday gifts of $10,000 in cash. At Christmas, Samantha gave each of her three nephews Christmas gifts of an additional $6,000 in cash. What is the amount of the taxable gifts, if any, made by Samantha this year?

+4
Answers (1)
  1. 7 November, 00:45
    0
    The amount of the taxable gifts made by Samantha this year is 3,000

    Explanation:

    Because Samantha gave 16,000 dollars in total while the tax exemption is 15,000 per person.

    So the tax gift is triggered

    The taxable gifts are 1,000 per nephews. For a total of 3,000
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “This year Samantha gave each of her three nephews birthday gifts of $10,000 in cash. At Christmas, Samantha gave each of her three nephews ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers