Business Law Articles
Douglas DeNardo, Esq.
On November 15, 2018, the Internal Revenue Service announced the tax year 2019 annual inflation adjustments for 60 tax provisions, including the tax rate schedules and other tax changes.
Estates of descendants who die during 2019 have a basic exclusion amount of $11,400,000, up from a total of $11,180,000 for estates of descendants who died in 2018. Married couples may give $22,800,000, up from a total of $22,360,000 in 2018.
The annual gift tax exclusion remains at $15,000 per person per year. Gifts up to these amounts can be made tax free to as many people as the donor would like.