The IRS has announced the new gift exclusion and estate and gift tax exemptions for 2023. Starting January 1, an individual may give up to $17,000 per year, per donee (up from $16,000) without having an obligation to report that gift to the IRS.
The unified estate and gift tax exclusion will increase to $12,920,000 per person, or $25,840,000 per married couple. Absent further action from Congress, the exclusion is scheduled to sunset to pre-2017 levels (approximately $6 million per individual) in 2026.
Contact one of our attorneys for more information about estate and gift tax planning and minimization strategies.