A widow, who has made no prior gifts, wishes to give her adult son $500 outright. See § 2503(b).

b. Starting in 2002, a wealthy widower, who had made no prior gift, made annual exclusion gifts to each of six adult family members.  See § 2503(b). Was he required to file any gift tax returns? See § 6019. How much of the donor's applicable credit amount has been consumed?

c. A widow, who has made no prior gifts, gives her adult daughter $23,000 outright in each of two successive years.

d. A widower, who had made no prior gifts, gave his married daughter and her husband a $38,000 gift to use as a down payment on a house.

What are the federal gift tax consequences

Answer rating: 100% (QA)

a The widows gift of 500 to her adult son would generally not have any federal gift tax consequences because it is well below the annual gift tax excl... View the full answer