{"id":9996,"date":"2023-09-13T14:04:09","date_gmt":"2023-09-13T18:04:09","guid":{"rendered":"https:\/\/resources.evans-legal.com\/?p=9996"},"modified":"2024-09-11T09:49:26","modified_gmt":"2024-09-11T13:49:26","slug":"unofficial-inflation-adjustments-for-2024","status":"publish","type":"post","link":"https:\/\/resources.evans-legal.com\/?p=9996","title":{"rendered":"Unofficial Inflation Adjustments for 2024"},"content":{"rendered":"\n<p>With the release of the Chained Consumer Price Index (C-CPI-U) for August 2023, it\u2019s possible to calculate various inflation adjustments for 2024. The following are the significant federal estate planning numbers, with the numbers for 2023 shown in parentheses:<\/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 $1,380,000<sup>1<\/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 $99,650<sup>2<\/sup> (was $94,600).<\/li>\n<\/ul>\n\n\n\n<p>The Internal Revenue Service will publish the official inflation adjustments in a Revenue Procedure that will probably appear in 4-8 weeks.<\/p>\n\n\n\n<p>Updates (9\/11\/2024), per <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):<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>Official result was $1,390,000. <\/li>\n\n\n\n<li>Official result was $99,700.<\/li>\n<\/ol>\n","protected":false},"excerpt":{"rendered":"<p>With the release of the Chained Consumer Price Index (C-CPI-U) for August 2023, it\u2019s possible to calculate various inflation adjustments for 2024. The following are the significant federal estate planning numbers, with the numbers for 2023 shown in parentheses: The &hellip; <a class=\"more-link\" href=\"https:\/\/resources.evans-legal.com\/?p=9996\">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":"[]"},"categories":[29],"tags":[327,333,359,597],"class_list":["post-9996","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\/9996","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=9996"}],"version-history":[{"count":3,"href":"https:\/\/resources.evans-legal.com\/index.php?rest_route=\/wp\/v2\/posts\/9996\/revisions"}],"predecessor-version":[{"id":10931,"href":"https:\/\/resources.evans-legal.com\/index.php?rest_route=\/wp\/v2\/posts\/9996\/revisions\/10931"}],"wp:attachment":[{"href":"https:\/\/resources.evans-legal.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9996"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/resources.evans-legal.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9996"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/resources.evans-legal.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9996"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}