Annual exclusion to rise to $16,000 in 2022

Due to surging inflation, the IRS announced that the annual exclusion for 2022 will be $16,000, up from the current $15,000.

See Andrew Keshner, IRS releases new standard deductions and tax brackets as inflation soars, MarketWatch (Nov. 10, 2021).

Special thanks to David S. Luber (Florida Probate Attorney) for being the first person to bring this development to my attention.