Amber's mother and father gave her a condo on 7/4/2020.  Her parents purchased the condo on 9/13/2002 for $158,759.  The fair market value of the house at the time of the gift was $265,000. Amber's parents made improvements to the condo of $65,000.  What is the amount of the gift that can be excluded from gift tax?

Answer rating: 100% (QA)

To determine the amount of the gift that can be excluded from gift tax we need to consider th... View the full answer