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IRS’ Updated Inflation Adjustments for 2014

November 1, 2013 Leave a Comment

The IRS just released the inflation adjustments for 2014. With regards to the estate and gift tax …

Estates of decedents who die during 2014 have a basic exclusion amount of $5,340,000, up from a total of $5,250,000 for estates of decedents who died in 2013.

The annual exclusion for gifts remains at $14,000 for 2014.

More details of other inflation adjustments can be found in Revenue Procedure 2013-35, which will be published in Internal Revenue Bulletin 2013-47 on Nov. 18, 2013.

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