Answer :
The maximum amount of the annual exclusion they will be allowed for these gifts is $210,000.
Due to their marital status, Burt and Lisa will be counted as two donors. Burt wishes to provide gifts to their three grandchildren and four children. They will therefore be included in the total of seven. They will be permitted a maximum annual exclusion of $210,000 for these gifts.
The amount of money that one person may give as a present to another without paying gift tax or impacting the unified credit is known as an annual exclusion. Cash or other assets may be used to transfer this annual gift exception. The yearly exclusion will stay at $15,000 in 2021 (rising to $16,000 in 2022), according to the Internal Revenue Service.
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