For the holidays, Marty gave a watch worth $24,800 to Emily and jewelry worth $53,000 to Natalie.

Required:
Has Marty made any taxable gifts this year and, if so, in what amounts?
Assume Marty is married to Wendy and they live in a community property state. What are the amounts, if any, of their taxable gifts?
(For all requirements, leave no answer blank. Enter zero if applicable.)

a). Marty's taxable gift to Emily
Marty's taxable gift to Natalie

b). Marty's taxable gift to Emily
Marty's taxable gift to Natalie
Wendy's taxable gift to Emily
Wendy's taxable gift to Natalie

Answer rating: 100% (QA)

Answer Annual exclusion for gifts in 2017 is 14000 For each gift paid we ... View the full answer