This reduces the size of the deceased's estate and eliminates the immediateestate taxupon the first spouse's death. In 2023, the estate tax exemption (exclusion amount) was $12.92 million and rose to $13.61 million in 2024.12 Those amounts are per person, not per couple. And estates can ...
If making a gift of $79,000 in 2024 with an exclusion of $18,000, the remaining $61,000 will need to be reported on a 709 gift tax return. That $61,000 will reduce your lifetime exclusion to $13 million, and also your estate tax exclusion to $13 million.819 The estate tax is ...
That’s because there’s also an inflation-adjusted lifetime gift tax exclusion that provides an even bigger umbrella for tax-free gifts over the course of your entire life. (As noted above, the gift tax rules are really set up to permit most gifts.) If you die during 2024, there is ...
the estate tax is only levied on estates with a value greater than $13.99 million (up from $13.61 million in 2024). The portion that is greater than these exclusion amounts is the portion that is taxed.
The federal estate tax applies to a decedent’s gross estate, which generally includes all of the person's financial and real assets. For taxpayers inheriting in 2023, the exclusion amount is $12.92 million ($13.61 million for 2024).