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Sunday, November 19, 2017

2018 Inflation Adjustments to Transfer Tax Items

The IRS released its 2018 tax adjustments - the following table summarizes the transfer tax adjustments. Note that some of these adjustments will become moot if the changes in the House and Senate versions of the pending tax act become law.

DESCRIPTION 2018 AMOUNT 2017 AMOUNT
Unified estate and gift tax exclusion$5,600,000 $5,490,000
GST exemption $5,600,000 $5,490,000
Annual gift tax exclusion $15,000 $14,000
Annual gift tax exclusion for gifts to noncitizen spouses $152,000 $149,000
Limit on special use valuation reduction $1,140,000 $1,120,000
2% interest rate portion on deferred estate taxes $1,520,000 $1,490,000
Foreign gift reporting threshold (gifts from foreign corporations and foreign partnerships)  [$100,000 exclusion for gifts from nonresident aliens and foreign estates is not adjusted for inflation] $16,111 $15,797
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