Dan's annual gifts are listed below. Calculate his taxable gifts for each year and the gift...
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Dan's annual gifts are listed below. Calculate his taxable gifts for each year and the gift tax he owes for each year or the amount of his annual exclusion used each year. Taxable Gifts for the year Donee Year 2014 Spouse 2014 Son 2014 Neighbor 2014 Daughter 2014 Friend 2017 Son 2017 Daughter 2017 Niece 1 2017 Niece 2 2017 Co-Worker 2019 Son 2019 Daughter 2019 Niece 1 2019 Niece 2 2019 Grandson 1 2019 Grandson 2 House Cash Cash Car Mayo Clinic Cash Cash Cash Cash Cash Cash Cash Cash Cash Cash Cash Cash Cash Cash Cash Cash Cash Gift 2022 Son 2022 Daughter 2022 Niece 1 2022 Niece 2 2022 Grandson 1 2022 Grandson 2 2022 Son/Daughter Vacation Home 2023 Son Cash 2023 Daughter Cash 2023 Niece 1 Cash 2023 Niece 2 Cash 2023 Grandson 1 Cash 2023 Grandson 2 Cash 2023 G-daughter 1 Cash Date of Gift 4/12/2014 $ 1/15/2014 $ 6/12/2014 $ 9/18/2014 $ 10/12/2014 $ 3/15/2017 $ 3/15/2017 $ 3/15/2017 $ 3/15/2017 $ 8/17/2017 $ 4/20/2019 $ 4/20/2019 $ 4/20/2019 $ 4/20/2019 $ 4/20/2019 $ 4/20/2019 $ FMV 500,000.00 35,000.00 10,000.00 42,000.00 28,000.00 paid directly to Mayo Clinic 50,000.00 50,000.00 14,000.00 22,000.00 35,000.00 For MBA tuition 65,000.00 65,000.00 15,000.00 15,000.00 20,000.00 20,000.00 6/1/2022 $ 6/1/2022 $ 6/1/2022 $ 6/1/2022 $ 6/1/2022 $ 6/1/2022 $ 10/19/2022 $ 4,500,000.00 50% to Daughter; 50% to Son 80,000.00 80,000.00 30,000.00 30,000.00 25,000.00 25,000.00 3/1/2023 $ 100,000.00 3/1/2023 $ 100,000.00 3/1/2023 $ 75,000.00 3/1/2023 $ 75,000.00 3/1/2023 $ 30,000.00 3/1/2023 $ 30,000.00 3/1/2023 $ 30,000.00 Lifetime Gift Tax Owed Exclusion Used Dan's annual gifts are listed below. Calculate his taxable gifts for each year and the gift tax he owes for each year or the amount of his annual exclusion used each year. Taxable Gifts for the year Donee Year 2014 Spouse 2014 Son 2014 Neighbor 2014 Daughter 2014 Friend 2017 Son 2017 Daughter 2017 Niece 1 2017 Niece 2 2017 Co-Worker 2019 Son 2019 Daughter 2019 Niece 1 2019 Niece 2 2019 Grandson 1 2019 Grandson 2 House Cash Cash Car Mayo Clinic Cash Cash Cash Cash Cash Cash Cash Cash Cash Cash Cash Cash Cash Cash Cash Cash Cash Gift 2022 Son 2022 Daughter 2022 Niece 1 2022 Niece 2 2022 Grandson 1 2022 Grandson 2 2022 Son/Daughter Vacation Home 2023 Son Cash 2023 Daughter Cash 2023 Niece 1 Cash 2023 Niece 2 Cash 2023 Grandson 1 Cash 2023 Grandson 2 Cash 2023 G-daughter 1 Cash Date of Gift 4/12/2014 $ 1/15/2014 $ 6/12/2014 $ 9/18/2014 $ 10/12/2014 $ 3/15/2017 $ 3/15/2017 $ 3/15/2017 $ 3/15/2017 $ 8/17/2017 $ 4/20/2019 $ 4/20/2019 $ 4/20/2019 $ 4/20/2019 $ 4/20/2019 $ 4/20/2019 $ FMV 500,000.00 35,000.00 10,000.00 42,000.00 28,000.00 paid directly to Mayo Clinic 50,000.00 50,000.00 14,000.00 22,000.00 35,000.00 For MBA tuition 65,000.00 65,000.00 15,000.00 15,000.00 20,000.00 20,000.00 6/1/2022 $ 6/1/2022 $ 6/1/2022 $ 6/1/2022 $ 6/1/2022 $ 6/1/2022 $ 10/19/2022 $ 4,500,000.00 50% to Daughter; 50% to Son 80,000.00 80,000.00 30,000.00 30,000.00 25,000.00 25,000.00 3/1/2023 $ 100,000.00 3/1/2023 $ 100,000.00 3/1/2023 $ 75,000.00 3/1/2023 $ 75,000.00 3/1/2023 $ 30,000.00 3/1/2023 $ 30,000.00 3/1/2023 $ 30,000.00 Lifetime Gift Tax Owed Exclusion Used
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To calculate Dans taxable gifts for each year and the gift tax he owes or the amount of his annual exclusion used each year well need to go through ea... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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