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IRS Confirms 2023 Indexed Amounts

By Eric D. Marchand on October 19, 2022
Our wealth transfer tax system provides taxpayers with exclusions from certain taxes. These exemptions are adjusted annually; the amount of the adjustment is tied to the Consumer Price Index.  Last month, I wrote a blog post on this same topic providing the 2023 estimated exclusion amounts published inThomson Reuters Checkpoint. The IRS has confirmed the  2023 indexed amounts published in Rev. Proc. 22-38 as follows:

Unified estate and gift tax exclusion amount.
For decedents dying or gifts made in 2023, the exclusion amount is $12,920,000 (an increase of $860,000 from the 2022 exclusion of $12,060,000).

Generation-skipping transfer (GST) tax exemption.
The GST exemption amount for 2023 is $12,920,000 (an increase of $860,000 from the 2022 exemption amount of $12,060,000).

Gift tax annual exclusion.
The gift tax annual exclusion amount is $17,000 (an increase of $1,000 from the 2022 exclusion amount of $16,000).

Annual exclusion for gifts to noncitizen spouses.
The annual exclusion for gifts to non-citizen spouses is $175,000 (an increase of $11,000 from 2022 exclusion amount of $164,000).

These adjustments match the estimates that were in our blog last month.

For questions regarding this blog post or any other estate planning matter, please feel free to contact Eric Marchand at (214)744-3700 or emarchand@meadowscollier.com.