The U.S. Internal Revenue Service released Rev. Proc. 2022-38 which lists 2023 inflation adjustments for estate tax purposes.
FOR 2023:
- The annual gift tax exclusion for 2023 will be increasing to $17,000 – an increase from $16,000 in 2022.
- The estate and lifetime gift tax exemption will be $12.92 million per individual for 2023, an increase from $12.06 million in 2022. This exemption represents the amount of a decedent’s estate (including previously taxable gifts) that is exempt from estate tax.
If this posted response is useful to you, please click on the upraised hand in the lower left of this post. Thank you. Scruffy Curmudgeon--PFFM/ IAFF, retired FireFighter/Paramedic - Locals 718/30, Veteran USAR O3 AIS/ASA '65-'67
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