The IRS released its 2018 tax adjustments - the following table summarizes the transfer tax adjustments. Note that some of these adjustments will become moot if the changes in the House and Senate versions of the pending tax act become law.
|DESCRIPTION||2018 AMOUNT||2017 AMOUNT|
|Unified estate and gift tax exclusion||$5,600,000||$5,490,000|
|Annual gift tax exclusion||$15,000||$14,000|
|Annual gift tax exclusion for gifts to noncitizen spouses||$152,000||$149,000|
|Limit on special use valuation reduction||$1,140,000||$1,120,000|
|2% interest rate portion on deferred estate taxes||$1,520,000||$1,490,000|
|Foreign gift reporting threshold (gifts from foreign corporations and foreign partnerships) [$100,000 exclusion for gifts from nonresident aliens and foreign estates is not adjusted for inflation]||$16,111||$15,797|