Will and Grace, who are married to each other, made the following gifts in 2023: 

(1) Will gave their son, Jack, a car worth $4,000 owned as community property. Will also gave Jack his stamp collection (separate property) valued at $60,000. 

(2) Will gave his brother, Elliott, $20,000 of Will's separate property so Elliott could purchase a new home. 

(3) Will gave his sister, Karen, $4,000 in cash from his and Grace's joint checking account which consists only of community property. 

He also gave Karen a piece of land he purchased before his marriage to Grace, valued at $49,000. Assuming Grace did not want to split gifts, what is Will's total taxable gifts after taking into consideration any available deductions or exclusions? 

Answer rating: 100% (QA)

To determine Wills total taxable gifts after taking into consideration any available deductions or exclusions we need to analyze each gift separately ... View the full answer