{"id":10113,"date":"2023-11-10T16:11:47","date_gmt":"2023-11-10T21:11:47","guid":{"rendered":"https:\/\/resources.evans-legal.com\/?p=10113"},"modified":"2023-11-10T16:11:48","modified_gmt":"2023-11-10T21:11:48","slug":"official-inflation-adjustments-for-2024","status":"publish","type":"post","link":"https:\/\/resources.evans-legal.com\/?p=10113","title":{"rendered":"Official Inflation Adjustments for 2024"},"content":{"rendered":"\n<p>The Internal Revenue Service has released\u00a0<a href=\"https:\/\/www.irs.gov\/pub\/irs-drop\/rp-23-34.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">Rev. Proc. 2023-34<\/a>, 2023-48 IRB ___ (11\/24\/2023),\u00a0with inflation adjustments for 2023 and, consistent with\u00a0<a href=\"https:\/\/resources.evans-legal.com\/?p=9996\">earlier predictions<\/a> (with two exceptions), the changes in the most significant federal estate and trust planning numbers will be as follows:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The federal estate tax base applicable exclusion amount (and generation-skipping tax exemption) will be $13,610,000 (was $12,920,000 for 2023).<\/li>\n\n\n\n<li>The annual gift tax exclusion will be $18,000 (was $17,000).<\/li>\n\n\n\n<li>The annual gift tax exclusion for a non-citizen spouse will be $185,000 (was $175,000).<\/li>\n\n\n\n<li>The \u201c2 percent\u201d amount for purposes of section 6166 will be $1,850,000 (was $1,750,000).<\/li>\n\n\n\n<li>The limitation on the special use valuation reduction under section 2032A will be $1,390,000<sup data-fn=\"efbbe208-1cff-4826-b6ff-049f756dc996\" class=\"fn\"><a href=\"#efbbe208-1cff-4826-b6ff-049f756dc996\" id=\"efbbe208-1cff-4826-b6ff-049f756dc996-link\">1<\/a><\/sup> (was $1,310,000).<\/li>\n\n\n\n<li>The top (37%) income tax bracket for estates and trusts will begin at $15,200 (was $14,450), and the maximum rate on capital gains will begin at $15,450 (was $14,650).<\/li>\n\n\n\n<li>The alternative minimum tax exemption for estates and trusts will be $29,900 (was $28,400), and the phaseout of the exemption will start at $99,700<sup data-fn=\"e60385c7-9f7c-4229-8fa3-a399bccfe3f9\" class=\"fn\"><a href=\"#e60385c7-9f7c-4229-8fa3-a399bccfe3f9\" id=\"e60385c7-9f7c-4229-8fa3-a399bccfe3f9-link\">2<\/a><\/sup> (was $94,600).<\/li>\n<\/ul>\n\n\n\n<p>Notes:<\/p>\n\n\n<ol class=\"wp-block-footnotes\"><li id=\"efbbe208-1cff-4826-b6ff-049f756dc996\">Earlier prediction had been $1,380,000 for the limit on special use valuation. <a href=\"#efbbe208-1cff-4826-b6ff-049f756dc996-link\" aria-label=\"Jump to footnote reference 1\">\u21a9\ufe0e<\/a><\/li><li id=\"e60385c7-9f7c-4229-8fa3-a399bccfe3f9\">Earlier prediction had been $99,650 for the phaseout of the alternative minimum tax exemption. <a href=\"#e60385c7-9f7c-4229-8fa3-a399bccfe3f9-link\" aria-label=\"Jump to footnote reference 2\">\u21a9\ufe0e<\/a><\/li><\/ol>","protected":false},"excerpt":{"rendered":"<p>The Internal Revenue Service has released\u00a0Rev. Proc. 2023-34, 2023-48 IRB ___ (11\/24\/2023),\u00a0with inflation adjustments for 2023 and, consistent with\u00a0earlier predictions (with two exceptions), the changes in the most significant federal estate and trust planning numbers will be as follows: The &hellip; <a class=\"more-link\" href=\"https:\/\/resources.evans-legal.com\/?p=10113\">Continue reading <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":6,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"pmpro_default_level":"0","footnotes":"[{\"content\":\"Earlier prediction had been $1,380,000 for the limit on special use valuation.\",\"id\":\"efbbe208-1cff-4826-b6ff-049f756dc996\"},{\"content\":\"Earlier prediction had been $99,650 for the phaseout of the alternative minimum tax exemption.\",\"id\":\"e60385c7-9f7c-4229-8fa3-a399bccfe3f9\"}]"},"categories":[29],"tags":[327,333,359,597],"class_list":["post-10113","post","type-post","status-publish","format-standard","hentry","category-news-items","tag-federal-estate-tax","tag-federal-gift-tax","tag-federal-income-tax","tag-fiduciary-income-tax","pmpro-has-access"],"_links":{"self":[{"href":"https:\/\/resources.evans-legal.com\/index.php?rest_route=\/wp\/v2\/posts\/10113","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/resources.evans-legal.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/resources.evans-legal.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/resources.evans-legal.com\/index.php?rest_route=\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/resources.evans-legal.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=10113"}],"version-history":[{"count":5,"href":"https:\/\/resources.evans-legal.com\/index.php?rest_route=\/wp\/v2\/posts\/10113\/revisions"}],"predecessor-version":[{"id":10118,"href":"https:\/\/resources.evans-legal.com\/index.php?rest_route=\/wp\/v2\/posts\/10113\/revisions\/10118"}],"wp:attachment":[{"href":"https:\/\/resources.evans-legal.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10113"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/resources.evans-legal.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10113"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/resources.evans-legal.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10113"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}