Tuesday, October 27, 2020
In Rev. Proc. 2020-45, the IRS announced the 2021 inflation adjusted rates including:
The gift and estate tax exclusion increased to $11.7 million for deaths in 2021 (up from $11.58 million for deaths in 2020).
The annual gift tax exclusion remains the same at $15,000.
Note that these amounts could change if Democrats win the White House and both Houses of Congress. Candidate Biden is on record stating that the estate tax exclusion should be limited $3.5 million per person and the gift tax exclusion should be separated from the estate tax exclusion and reduced to $1,000,000.