In addition to giving away money at the time of their death, individuals are allowed to give gifts of money during their lifetime. In 2022, they were allowed to give up to $16,000 per year to as many individuals as they would like without having anyone having to pay any taxes. The gifts are said to be "excluded" from taxation. Assuming that a couple has plenty of money, how much could the two give to their son and his wife IN TOTAL in 2022 year without anyone having to pay gift taxes?  

Answer rating: 100% (QA)

In 2022 individuals are allowed to gift up to 16000 per year per recipient without incurr... View the full answer