A. patel is single and gives each of his six grandchildren $30,000 this year. patel's gift tax exclusion is

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04-09-2017
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A. patel is single and gives each of his six grandchildren $30,000 this year. patel's gift tax exclusion is

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ahmedishaal ahmedishaal · Answer 1 · 2017-09-12T01:23:24+02:00

ahmedishaal ahmedishaal

12-09-2017

According to annual gift tax exemption you are allowed to make gifts of up to $14,000 per year per person which is tax-free. Now Patel gave his six grand children $30,000 each. So, Patel's gift tax exclusion on each individual is $14,000. The amount above the annual limit that is $14,000 to each individual has to be reported and counts toward Patel’s lifetime exclusion.

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