Ask Question
10 January, 21:07

This year Samantha gave each of her three nephews birthday gifts of $10,000 in cash. At Christmas, Samantha gave each of her three nephews Christmas gifts of an additional $6,000 in cash. What is the amount of the taxable gifts, if any, made by Samantha this year?

+4
Answers (1)
  1. 10 January, 23:45
    0
    The amount of the taxable gifts made by Samantha this year is 3,000

    Explanation:

    Because Samantha gave 16,000 dollars in total while the tax exemption is 15,000 per person.

    So the tax gift is triggered

    The taxable gifts are 1,000 per nephews. For a total of 3,000
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “This year Samantha gave each of her three nephews birthday gifts of $10,000 in cash. At Christmas, Samantha gave each of her three nephews ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers