Instructions to Form 709, United States Gift (and Generation-Skipping Transfer) Tax Return, posted December 11 reflects inflation adjustments for gifts made in 2020. The new limits are for annual gift tax exclusion ($15,000), the applicable exclusion amount ($11,580,000), the basic credit amount ($4,577,800), exclusion for gifts made to spouses who are not U.S. citizens ($157,000). The top rate for gifts and generation-skipping transfers remains 40%, the instructions notes. [Instructions to IRS Form 709 (2020)]
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