Gabriele and Lisa are married and live in a common-law state. They want to make...
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Accounting
Gabriele and Lisa are married and live in a common-law state. They want to make gifts to their four children in 2021. What is the maximum amount of the annual exclusion they will be allowed for these gifts?
a. $30,000 b. $60,000 c. $15,000 d. $120,000
Note: The annual gift tax exclusion is $15,000 for the 2021 tax year. This is the amount of money that you can give as a gift to one person, in any given year, without having to pay any gift tax. I put $60,000 ($15k x 4 ppl) but it was marked wrong so is the answer $120k ($15 k x 4 ppl x 2 taxpayers)?
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