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IRS Announces Annual Adjustments

IRS Announces Annual Adjustments

The following are three of the annual gift/estate cost of living adjustments:

  1. The basic applicable exclusion amount (and generation-skipping tax exemption) will be $11.7 million, up from $11.58 million.
  2. The annual gift tax exclusion amount remains $15,000.
  3. The annual gift tax exclusion for a noncitizen spouse will be $159,000, up from $157,000.