Will.I.Was and his wife Ferguson wish to gift as much money as possible to their only grandchild, without paying gift taxes.  The federal gift tax exclusion amount is $15,000.  Their grandchild is in college and has a tuition bill for $20,000 for the year.  How much total can they gift the grandchild, without owing gift taxes?

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WillIWas and his wife Ferguson can each gift their grandchild up to the federal gift tax exclus... View the full answer