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Inflation Leading to Higher Than Normal Increases in Gift Tax Annual Exclusion, Lifetime Exemption for 2023
Wolters Kluwer and Bloomberg Tax have released projected 2023 figures for the gift tax annual exclusion amount as well as the estate and gift tax lifetime exemption amount. These figures were determined using formulas contained in the Internal Revenue Code. They are based on the increase in the Chained Consumer Price Index for All Urban Consumers (C-CPI-U) for the 12-month period that ended August 31, 2022.
According to the projections, in 2023 the gift tax annual exclusion amount will increase to $17,000 (currently $16,000) per donee. The estate and gift tax lifetime exemption amount is projected to increase to $12,920,000 (currently $12,060,000) per individual.
The IRS is expected to release official figures near year-end.