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The IRS released Rev. Proc. 2019-44 announcing, among other things, the amount of the annual estate and gift tax exemptions for 2020. To wit:

  • The annual individual gift tax exemption remains at $15,000 per beneficiary;
  • The individual lifetime gift tax exemption and the estate tax exemption increases to $11,580,000;
  • The super annual exclusion for gifts made to a noncitizen spouse increases to $157,000; and
  • Receipts and gifts from foreign entities and certain types of foreign trusts exceeding $16,649 in 2020 must be reported by the beneficiary, in addition to paying the corresponding income tax.

Click here for the official publication.

As always, if you have any questions or concerns, please call (800) 694-6604 and make an appointment to take advantage of these new limits.

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