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.