– The IRS has announced that the estate and gift tax basic exclusion amount and the generation‑skipping transfer (“GST”) tax exemption will increase from $12,920,000 to $13,610,000 effective January 1, 2024.
– The gift tax annual exclusion amount will increase from $17,000 to $18,000 per person in 2024, and the annual exclusion for gifts to a non-citizen spouse will increase from $175,000 to $185,000 in 2024.
– Individuals who have previously used their entire basic exclusion amount or GST tax exemption can utilize these inflation adjustments to make additional gifts in 2024.
IRS Announces 2024 Inflation Adjustments to Estate, Gift and Generation-Skipping Tax Exemptions
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