October 30, 2014
Authored by: Lana Hompluem
The IRS has released inflation-adjusted numbers for several estate and gift transfer tax items for 2015. The following items are included within this release:
• The “unified credit” or 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 can be found in Revenue Procedure 2014-61.