Final IRS regulations address the exemption amount allowable when computing federal gift and estate taxes. The Tax Cuts and Jobs Act nearly doubled the gift and estate tax exemption to an inflation-adjusted $10 million beginning after Dec. 31, 2017, and before Jan. 1, 2026. (The exemption will revert to $5 million on Jan. 1, 2026.) To address concerns that the estate tax of decedents dying, and gifts made, during that period could apply to gifts exempt from gift tax by the increased exemption amount, a new rule allows an estate to compute its estate tax credit using the higher exemption amount applicable to gifts made during life or the amount applicable on the date of death. For more information visit our website! www.mjscpa.com/
