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NEW Tax Exemptions for 2024

By Gerry W. Beyer

The Treasury and the IRS have provided updated figures for various provisions of the Internal Revenue Code for the year 2024. In the estate, gift, and generation-skipping tax realm, specific numbers have now been confirmed after being estimated for over a month. Here are some key figures:

  • The Unified Credit Against Estate Tax basic exclusion amount will be $13,610,000 under Section 2010. That number is the same for the generation-skipping transfer tax exemption.

  • The Annual Exclusion for Gifts will be the first $18,000 of gifts to any person (other than gifts of future interests). The first $185,000 of gifts to a spouse who is not a citizen of the United States will not be included in total amounts of taxable gifts under Sections 2503 and 2523(i)(2).

For more information, see Internal Revenue Bulletin 2023-34, November 9, 2023.

Posted in:
Current Affairs and Estate Planning - Generally