Andi is a single taxpayer.  She has made annual gifts of $60,000 to each of her four children beginning in 2019. Sue dies in 2023 before making any taxable gifts.

Andi has filed a gift tax return each year, reported gifts made, and elected to apply a portion of her Applicable Lifetime Exemption Amount to the gift taxes owed 2019 - 2022.

How much is the total lifetime TAXABLE gift amount Andi has given to her children?

Answer rating: 100% (QA)

Step 11 Since Andi has made annual gifts of 60000 to each of her four children the total amo... View the full answer