IRS Releases Inflation-Adjusted Figures for Estate and Gift Taxes for 2015

Each year the IRS releases the inflation-adjusted numbers for several estate and gift transfer tax items. The new numbers for 2015 have recently been released and are the following:

• The lifetime gift tax and estate tax exclusion will increase from $5,340,000 to $5,430,000 in 2015.

• The generation-skipping transfer tax exemption will also increase from $5,340,000 to $5,430,000 in 2015.

• The gift tax annual exclusion will not increase for 2015 and remains at $14,000.

• The gift tax annual exclusion for gifts to non-citizens spouses will increase from $145,000 to $147,000 for 2015.

Additional information on these and other inflation-adjusted numbers for 2015 is found in Revenue Procedure 2014-61.

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