Thursday, September 19, 2013

The IRS this week released inflation-adjusted numbers for 2014 for several transfer tax items.  These include the following:

  • The unified credit and gift tax exclusion amount will increase in 2014 from $5,250,000 to $5,340,000
  • The generation-skipping transfer tax exemption will also increase in 2014 from $5,250,000 to $5,340,000
  • The gift tax annual exclusion will not increase–it will remain at $14,000
  • The gift tax annual exclusion for gifts to non-citizen spouses will increase from $143,000 to $145,000

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