IRS Increases Estate and Gift Tax Exemption for 2024
The IRS increased the gift exclusion and estate and gift tax exemptions for 2024. Beginning January 1, 2024, an individual may gift up to $18,000 per year, per donee without needing to report that gift to the IRS. This exclusion is a $1,000 increase from 2023. The unified estate and gift tax exemption also increased […]
2023 FIDUCIARY INCOME TAX – Updated Rates and Brackets
Below is some commonly relevant federal income tax information for estates and trusts. Ordinary Income Tax Rates for Estates and Trusts 2023 Federal Income Tax Rates for Estates and Trusts Taxable Net Income Federal Tax Not over $2,900 10% of taxable income Over $2,900 but not over $10,550 $290 plus 24% of the excess over […]