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Jayden gave Olivia a ring when she agreed to marry him. The ring is a family heirloom valued at $68,000. What is the amount of the taxable gift
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Jayden gave Olivia a ring when she agreed to marry him. The ring is a family heirloom valued at $68,000. What is the amount of the taxable gift

User Yong
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1 Answer

6 votes

Answer: $54000

Step-by-step explanation:

A gift is a proceed gotten from a generosity. It should be noted that gift up to the amount of $14000 is exempt from the gift tax.

Therefore, since the ring is a family heirloom valued at $68,000, we deduct $14000 from it to get the amount of the taxable gift which will be:

= $68000 - $14000

= $54000

User Saumil Gauswami
by
4.5k points
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