Gift Tax worksheet

1. Taxable gifts (these use your lifetime exemption): $140,000.00

1. Add up everything you're giving this year

   $\mathrm{\$70,000.00}\times 2$$=\mathrm{\$140,000.00}$

2. A future interest gets no yearly exclusion, so all of it counts

   $\text{taxable per person}$$=\mathrm{\$70,000.00}$

3. Multiply by the number of people

   $\mathrm{\$70,000.00}\times 2$$=\mathrm{\$140,000.00}$

4. Take your earlier gifts off the $15,000,000.00 exemption to see what's left

   $\mathrm{\$15,000,000.00}-\mathrm{\$0.00}-\mathrm{\$140,000.00}$$=\mathrm{\$14,860,000.00}$

5. The lifetime exemption covers these gifts, so no gift tax is due now

   $\text{gift tax due}$$=\mathrm{\$0.00}$

6. This is the amount of your gifts that counts as taxable

   $\text{taxable gifts}$$=\mathrm{\$140,000.00}$

2. Taxable gifts (these use your lifetime exemption): $38,000.00

1. Add up everything you're giving this year

   $\mathrm{\$38,000.00}\times 2$$=\mathrm{\$76,000.00}$

2. Take off the $19,000.00 yearly exclusion. It applies per giver, per person

   $\mathrm{\$38,000.00}-\mathrm{\$19,000.00}$$=\mathrm{\$19,000.00}$

3. Multiply by the number of people

   $\mathrm{\$19,000.00}\times 2$$=\mathrm{\$38,000.00}$

4. Take your earlier gifts off the $15,000,000.00 exemption to see what's left

   $\mathrm{\$15,000,000.00}-\mathrm{\$0.00}-\mathrm{\$38,000.00}$$=\mathrm{\$14,962,000.00}$

5. The lifetime exemption covers these gifts, so no gift tax is due now

   $\text{gift tax due}$$=\mathrm{\$0.00}$

6. This is the amount of your gifts that counts as taxable

   $\text{taxable gifts}$$=\mathrm{\$38,000.00}$

3. Taxable gifts (these use your lifetime exemption): $52,000.00

1. Add up everything you're giving this year

   $\mathrm{\$45,000.00}\times 2$$=\mathrm{\$90,000.00}$

2. Take off the $19,000.00 yearly exclusion. It applies per giver, per person

   $\mathrm{\$45,000.00}-\mathrm{\$19,000.00}$$=\mathrm{\$26,000.00}$

3. Multiply by the number of people

   $\mathrm{\$26,000.00}\times 2$$=\mathrm{\$52,000.00}$

4. Take your earlier gifts off the $15,000,000.00 exemption to see what's left

   $\mathrm{\$15,000,000.00}-\mathrm{\$0.00}-\mathrm{\$52,000.00}$$=\mathrm{\$14,948,000.00}$

5. The lifetime exemption covers these gifts, so no gift tax is due now

   $\text{gift tax due}$$=\mathrm{\$0.00}$

6. This is the amount of your gifts that counts as taxable

   $\text{taxable gifts}$$=\mathrm{\$52,000.00}$

4. Taxable gifts (these use your lifetime exemption): $120,000.00

1. Add up everything you're giving this year

   $\mathrm{\$60,000.00}\times 2$$=\mathrm{\$120,000.00}$

2. A future interest gets no yearly exclusion, so all of it counts

   $\text{taxable per person}$$=\mathrm{\$60,000.00}$

3. Multiply by the number of people

   $\mathrm{\$60,000.00}\times 2$$=\mathrm{\$120,000.00}$

4. Take your earlier gifts off the $15,000,000.00 exemption to see what's left

   $\mathrm{\$15,000,000.00}-\mathrm{\$0.00}-\mathrm{\$120,000.00}$$=\mathrm{\$14,880,000.00}$

5. The lifetime exemption covers these gifts, so no gift tax is due now

   $\text{gift tax due}$$=\mathrm{\$0.00}$

6. This is the amount of your gifts that counts as taxable

   $\text{taxable gifts}$$=\mathrm{\$120,000.00}$

5. Taxable gifts (these use your lifetime exemption): $62,000.00

1. Add up everything you're giving this year

   $\mathrm{\$50,000.00}\times 2$$=\mathrm{\$100,000.00}$

2. Take off the $19,000.00 yearly exclusion. It applies per giver, per person

   $\mathrm{\$50,000.00}-\mathrm{\$19,000.00}$$=\mathrm{\$31,000.00}$

3. Multiply by the number of people

   $\mathrm{\$31,000.00}\times 2$$=\mathrm{\$62,000.00}$

4. Take your earlier gifts off the $15,000,000.00 exemption to see what's left

   $\mathrm{\$15,000,000.00}-\mathrm{\$0.00}-\mathrm{\$62,000.00}$$=\mathrm{\$14,938,000.00}$

5. The lifetime exemption covers these gifts, so no gift tax is due now

   $\text{gift tax due}$$=\mathrm{\$0.00}$

6. This is the amount of your gifts that counts as taxable

   $\text{taxable gifts}$$=\mathrm{\$62,000.00}$

6. Taxable gifts (these use your lifetime exemption): $36,000.00

1. Add up everything you're giving this year

   $\mathrm{\$50,000.00}\times 3$$=\mathrm{\$150,000.00}$

2. Splitting treats each gift as half from each spouse

   $\frac{\mathrm{\$50,000.00}}{2}$$=\mathrm{\$25,000.00}$

3. Take off the $19,000.00 yearly exclusion. It applies per giver, per person

   $\mathrm{\$25,000.00}-\mathrm{\$19,000.00}$$=\mathrm{\$6,000.00}$

4. Multiply by the number of people to get each spouse's taxable gifts

   $\mathrm{\$6,000.00}\times 3$$=\mathrm{\$18,000.00}$

5. Add both spouses' amounts. This is the total that counts against your lifetime exemptions

   $\mathrm{\$18,000.00}+\mathrm{\$18,000.00}$$=\mathrm{\$36,000.00}$

6. Take your share and your earlier gifts off the $15,000,000.00 exemption to see what's left

   $\mathrm{\$15,000,000.00}-\mathrm{\$0.00}-\mathrm{\$18,000.00}$$=\mathrm{\$14,982,000.00}$

7. The lifetime exemption covers these gifts, so no gift tax is due now

   $\text{gift tax due}$$=\mathrm{\$0.00}$

8. This is the amount of your gifts that counts as taxable

   $\text{taxable gifts}$$=\mathrm{\$36,000.00}$

7. Taxable gifts (these use your lifetime exemption): $127,500.00

1. Add up everything you're giving this year

   $\mathrm{\$42,500.00}\times 3$$=\mathrm{\$127,500.00}$

2. Splitting treats each gift as half from each spouse

   $\frac{\mathrm{\$42,500.00}}{2}$$=\mathrm{\$21,250.00}$

3. A future interest gets no yearly exclusion, so all of it counts

   $\text{taxable per person}$$=\mathrm{\$21,250.00}$

4. Multiply by the number of people to get each spouse's taxable gifts

   $\mathrm{\$21,250.00}\times 3$$=\mathrm{\$63,750.00}$

5. Add both spouses' amounts. This is the total that counts against your lifetime exemptions

   $\mathrm{\$63,750.00}+\mathrm{\$63,750.00}$$=\mathrm{\$127,500.00}$

6. Take your share and your earlier gifts off the $15,000,000.00 exemption to see what's left

   $\mathrm{\$15,000,000.00}-\mathrm{\$0.00}-\mathrm{\$63,750.00}$$=\mathrm{\$14,936,250.00}$

7. The lifetime exemption covers these gifts, so no gift tax is due now

   $\text{gift tax due}$$=\mathrm{\$0.00}$

8. This is the amount of your gifts that counts as taxable

   $\text{taxable gifts}$$=\mathrm{\$127,500.00}$

8. Taxable gifts (these use your lifetime exemption): $48,000.00

1. Add up everything you're giving this year

   $\mathrm{\$62,000.00}\times 2$$=\mathrm{\$124,000.00}$

2. Splitting treats each gift as half from each spouse

   $\frac{\mathrm{\$62,000.00}}{2}$$=\mathrm{\$31,000.00}$

3. Take off the $19,000.00 yearly exclusion. It applies per giver, per person

   $\mathrm{\$31,000.00}-\mathrm{\$19,000.00}$$=\mathrm{\$12,000.00}$

4. Multiply by the number of people to get each spouse's taxable gifts

   $\mathrm{\$12,000.00}\times 2$$=\mathrm{\$24,000.00}$

5. Add both spouses' amounts. This is the total that counts against your lifetime exemptions

   $\mathrm{\$24,000.00}+\mathrm{\$24,000.00}$$=\mathrm{\$48,000.00}$

6. Take your share and your earlier gifts off the $15,000,000.00 exemption to see what's left

   $\mathrm{\$15,000,000.00}-\mathrm{\$0.00}-\mathrm{\$24,000.00}$$=\mathrm{\$14,976,000.00}$

7. The lifetime exemption covers these gifts, so no gift tax is due now

   $\text{gift tax due}$$=\mathrm{\$0.00}$

8. This is the amount of your gifts that counts as taxable

   $\text{taxable gifts}$$=\mathrm{\$48,000.00}$

9. Taxable gifts (these use your lifetime exemption): $50,000.00

1. Add up everything you're giving this year

   $\mathrm{\$50,000.00}\times 1$$=\mathrm{\$50,000.00}$

2. Splitting treats each gift as half from each spouse

   $\frac{\mathrm{\$50,000.00}}{2}$$=\mathrm{\$25,000.00}$

3. A future interest gets no yearly exclusion, so all of it counts

   $\text{taxable per person}$$=\mathrm{\$25,000.00}$

4. Multiply by the number of people to get each spouse's taxable gifts

   $\mathrm{\$25,000.00}\times 1$$=\mathrm{\$25,000.00}$

5. Add both spouses' amounts. This is the total that counts against your lifetime exemptions

   $\mathrm{\$25,000.00}+\mathrm{\$25,000.00}$$=\mathrm{\$50,000.00}$

6. Take your share and your earlier gifts off the $15,000,000.00 exemption to see what's left

   $\mathrm{\$15,000,000.00}-\mathrm{\$0.00}-\mathrm{\$25,000.00}$$=\mathrm{\$14,975,000.00}$

7. The lifetime exemption covers these gifts, so no gift tax is due now

   $\text{gift tax due}$$=\mathrm{\$0.00}$

8. This is the amount of your gifts that counts as taxable

   $\text{taxable gifts}$$=\mathrm{\$50,000.00}$

10. Taxable gifts (these use your lifetime exemption): $31,000.00

1. Add up everything you're giving this year

   $\mathrm{\$50,000.00}\times 1$$=\mathrm{\$50,000.00}$

2. Take off the $19,000.00 yearly exclusion. It applies per giver, per person

   $\mathrm{\$50,000.00}-\mathrm{\$19,000.00}$$=\mathrm{\$31,000.00}$

3. Multiply by the number of people

   $\mathrm{\$31,000.00}\times 1$$=\mathrm{\$31,000.00}$

4. Take your earlier gifts off the $15,000,000.00 exemption to see what's left

   $\mathrm{\$15,000,000.00}-\mathrm{\$0.00}-\mathrm{\$31,000.00}$$=\mathrm{\$14,969,000.00}$

5. The lifetime exemption covers these gifts, so no gift tax is due now

   $\text{gift tax due}$$=\mathrm{\$0.00}$

6. This is the amount of your gifts that counts as taxable

   $\text{taxable gifts}$$=\mathrm{\$31,000.00}$