A new IRS proposal protects taxpayers from having to pay estate tax on large gifts made from 2018 through 2025 that are currently exempt from the gift tax because of a higher threshold set in tax reform.
The 2017 tax law doubled the estate and gift tax exclusion to $10 million, adjusted for inflation, for individuals. In 2018 this means an individual can pass up to $11.18 million without paying gift tax during his or her lifetime or estate tax at death, and a married couple can pass twice that at $22.36 million.
Under the law the ...
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