{"id":5500,"date":"2023-11-15T09:49:42","date_gmt":"2023-11-15T14:49:42","guid":{"rendered":"https:\/\/www.lindabury.com\/firm\/?p=5500"},"modified":"2023-11-15T09:50:28","modified_gmt":"2023-11-15T14:50:28","slug":"increases-in-transfer-tax-exemptions-for-2024","status":"publish","type":"post","link":"https:\/\/www.lindabury.com\/firm\/insights\/increases-in-transfer-tax-exemptions-for-2024.html","title":{"rendered":"Increases In Transfer Tax Exemptions For 2024"},"content":{"rendered":"

The Federal Tax Cuts and Jobs Act of 2017 (\u201cTCJA\u201d) amended section 2010(c)(3) of the Internal Revenue Code (the \u201cCode\u201d) to provide that, for decedents dying and gifts made after December 31, 2017 and before January 1, 2026, the basic exclusion amount (BEA) and Generation-Skipping Transfer Tax (\u201cGST\u201d) exemptions would increase to $10 million as adjusted for inflation. On January 1, 2026, these exemptions will revert to $5 million (the pre-TCJA figure), adjusted for inflation. The inflation adjustments over the years since 2018 have resulted in BEA and GST Exemptions of $12,920,000 in 2023.<\/p>\n

On November 9, 2023 the IRS issued Revenue Procedure 2023-34 setting forth the inflation adjusted transfer tax exemptions for 2024. The BEA will be $13,610,000\u2014an increase of $690,000. The increase means that in 2024, an individual may make gifts during life or at death totaling $13,610,000 without incurring gift or estate tax; a married couple will be able to transfer $27,220,000 of assets free of transfer taxes. The GST Exemption under section 2631 of the Code will also increase to $13,610,000.<\/p>\n

The annual gift tax exclusion provided by Code section 2503 will increase in 2024 to $18,000 per donee (or $36,000 if spouses elect gift-splitting).<\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

The Federal Tax Cuts and Jobs Act of 2017 (\u201cTCJA\u201d) amended section 2010(c)(3) of the Internal Revenue Code (the \u201cCode\u201d) to provide that, for decedents dying and gifts made after December 31, 2017 and before January 1, 2026, the basic exclusion amount (BEA) and Generation-Skipping Transfer Tax (\u201cGST\u201d) exemptions would increase to $10 million as […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[293,65,343],"tags":[],"coauthors":[295],"class_list":["post-5500","post","type-post","status-publish","format-standard","hentry","category-robbins","category-insights","category-wills-trusts-estates-insights"],"acf":[],"yoast_head":"\nIncreases In Transfer Tax Exemptions For 2024 — November 15, 2023 — Lindabury, McCormick, Estabrook & Cooper, P.C. Firm News & Events<\/title>\n<meta name=\"description\" content=\"The Federal Tax Cuts and Jobs Act of 2017 (\u201cTCJA\u201d) amended section 2010(c)(3) of the Internal Revenue Code (the \u201cCode\u201d) to provide that, for decedents\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.lindabury.com\/firm\/insights\/increases-in-transfer-tax-exemptions-for-2024.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Increases In Transfer Tax Exemptions For 2024 — November 15, 2023 — Lindabury, McCormick, Estabrook & Cooper, P.C. Firm News & Events\" \/>\n<meta property=\"og:description\" content=\"The Federal Tax Cuts and Jobs Act of 2017 (\u201cTCJA\u201d) amended section 2010(c)(3) of the Internal Revenue Code (the \u201cCode\u201d) to provide that, for decedents\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.lindabury.com\/firm\/insights\/increases-in-transfer-tax-exemptions-for-2024.html\" \/>\n<meta property=\"og:site_name\" content=\"Lindabury, McCormick, Estabrook & Cooper, P.C. 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