Frank gave a gift to his nephew. Frank died in 2017. His nephew received Frank's personal residence, which was worth $121,000 when he died. Calculate the amount that Frank's nephew is required to include in gross income for 2017.
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In 2017, the annual gift tax exclusion was $14,000 per recipient. Since the nephew received a gift worth $121,000, which is above the annual exclusion, it is subject to the gift tax. Show more…
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