IRS INFLATION-ADJUSTED AMOUNTS FOR 2019
The IRS has released its annual inflation-indexed amounts for 2019:
- The annual gift tax exclusion amount (i.e., the amount that can be given annually gift-tax-free to an unlimited number of donees) will remain at $15,000 per donee (or $30,000 for a married couple who elect to split gifts for the year).
- The annual gift tax exclusion amount for gifts to a spouse who is not a United States citizen will increase to $155,000.
- The lifetime Federal gift and estate tax exclusion amount will increase to $11.4 million per person (or $22.8 million for a married couple). The generation-skipping transfer tax exemption will likewise increase to $11.4 million (or $22.8 million for a married couple).
New York has announced that the New York estate tax exclusion amount, commencing January 1, 2019, will be $5.74 million per person (or $11.48 million for a married couple).
