12/6/2023

Key Tax Amounts (Rev. Proc. 2023-34)

Gift tax annual exclusion.

For gifts made in 2022, the gift tax annual exclusion was $16,000.
For gifts made in 2023, the gift tax annual exclusion is $17,000.
For gifts made in 2024, the gift tax annual exclusion rises to $18,000.

15 Monthly Tax Alert: December 2023

Key Tax Amounts (Rev. Proc. 2023-34)

Unified estate and gift tax (and GST tax) exclusion amount.
For gifts made and estates of decedents dying in 2022, the exclusion amount was $12,060,000.
For gifts made and estates of decedents dying in 2023, the exclusion amount is $12,920,000.
For gifts made and estates of decedents dying in 2024, the exclusion amount again rises
to $13,610,000.

16 Monthly Tax Alert: December 2023