The IRS has released its annual inflation-indexed amounts for 2020:
- 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 $157,000.
- The lifetime Federal gift and estate tax exclusion amount will increase to $11.58 million per individual (or $23.16 million for a married couple). The generation-skipping transfer tax exemption will likewise increase to $11.58 million per individual (or $23.16 million for a married couple).
New York has announced that the New York estate tax exclusion amount, commencing January 1, 2020, will be $5.85 million (or $11.7 million for a married couple).
Please click here to read the full client alert: IRS Inflation-Adjusted Amounts for 2020.
