The IRS will issue inflation-adjusted transfer tax and foreign reporting items for 2014 based on fiscal year 2013 inflation, but it hasn’t done so yet. Thomason Reuters does its own computations of what it estimates will be the adjustments for 2014, and these tend to be very accurate. So, for a peek at what the 2014 adjustments will likely be:
a. UNIFIED ESTATE AND GIFT TAX EXCLUSION AMOUNT AND GST EXEMPTION – $5,340,000 (up $90,000 from 2013);
b. GIFT TAX ANNUAL EXCLUSION AMOUNT - $14,000 per recipient (unchanged);
c. GIFT TAX ANNUAL EXCLUSION FOR GIFTS TO NONCITIZEN SPOUSES – $145,000 (up $2,000 from 2013);
d. FOREIGN GIFT REPORTING THRESHOLDS – $100,000 aggregate gifts from a nonresident alien individual or foreign estate; $15,358 for gifts from foreign corporations and foreign partnership;
e. COVERED EXPATRIATE INCOME THRESHOLD – $157,000 average annual net income tax for preceding five years;
f. FOREIGN EARNED INCOME EXCLUSION – $99,200 ($1600 increase from 2013).
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