2018 IRS Estate Tax Exemption and 2018 IRS Gift Tax Exclusion UPDATE
text: IRS to: 405-217-4209
The federal government has released the 2018 IRS Estate Tax Exemption and 2018 IRS Gift Tax Exclusion. The numbers are up this year from the 2017 exemption and exclusion. The estate tax exemption this year is $5.6 million, which is up from $5.49 last year. As discussed in Forbes, this potentially gives married couples a $11.2 million exemption for 2018. The 2018 Tax Reform Act has increased these numbers. The gift tax exclusion increased for the first time since 2013, and the estate tax exemption almost doubled.
Remember this is per person, so an individual can give up to the new amount to as many people as he or she wants. Also, married couples gifts don’t count against the other spouse. So, a married couple could potentially double up the amount given to each child annually Tax Free.
In Oklahoma there is no longer an estate tax. With the new federal exemptions and exclusion fewer Oklahoma probates will be subject to estate taxes. However, the increase in the annual gift tax exclusion will allow Oklahomans to give their loved ones more tax free. Have questions? Call the Cortes Law Firm today at 405-213-0856
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