What are the inflation-adjusted 2014 estate and gift tax exclusion amounts?
Posted on Nov 7, 2013 6:45am PST
The IRS recently published Rev. Proc. 2013-35, which sets the inflation-adjusted exclusion amounts for 2014, for estate taxes and gift taxes.
Estate Tax Exclusion Amount: For an estate of any decedent dying during the calendar year, the basic exclusion amount (used to determine the unified credit against estate tax under Internal Revenue Code §2010) is:
- 2013 . . . . . . . $5,250,000
- 2014 . . . . . . . $5,340,000
Gift Tax Annual Exclusion: For calendar year 2014, the first $14,000 of gifts to any person (other than gifts of future interests in property) are not included in the total amount of taxable gifts under IRC §2503 made during that year.
- 2013 . . . . . . . $14,000
- 2014 . . . . . . . $14,000 (no inflation adjustment from 2013)
Other inflation-adjusted tax rates and credits (such as "kiddie tax", child tax credit, earned income credit, personal exemptions, etc.) can be found in the same IRS Rev. Proc., here:
http://www.irs.gov/pub/irs-drop/rp-13-35.pdf
[This blog is for information only, and may NOT be relied upon as legal advice.]
Categories:
Tax, Estate Tax, IRS