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2014 Federal Estate and Gift Tax Inflation Adjustments

The IRS has announced the inflation adjustments to various tax features for calendar year 2014. These adjustments include the following:

  • The federal estate tax exclusion amount for 2014 will be $5,340,000 (up from $5,250,000 in 2013).
  • The generation skipping tax exclusion amount for 2014 will be $5,340,000 (up from $5,250,000 in 2013).
  • The annual gift tax exclusion amount will remain at $14,000 for gifts in 2014.
  • The gift tax annual exclusion for 2014 gifts to a non-U.S. citizen spouse will be $145,000.
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