Here are the key figures in US Estate & Gift Tax 2020.
Estate & Gift Tax Rate (IRC 2010 TRA) Top Marginal Rate remains 40%.
Exemption Amount (IRC 2010(c)) Exemption for 2020 is $11,580,000 per person ($11,400,000 for 2019).
Maximum Portability of Deceased Spouse's Unused Exclusion Amount (DSUE amount)(IRC 2010(c)(2)) $11,580,000 per person ($11,400,000 for 2019).
Generation Skipping Transfer Tax Exemption Amount (not portable)(IRC 2631(c)) $11,580,000 per person.
Gift Tax Annual Exclusion Amount (IRC 2503(b)) Up to $15,000 per donee (Same as 2019).
Gift Tax Annual Exclusion Amount (Gift to Non-Citizen Spouses)(IRC 2523(i)(2)) $157,000 ($155,000 in 2019).
Amount Triggering Reporting of Receipt of Aggregate Gifts From Certain Foreign Persons and Estates (IRC 6039F) $16,649 (The aggregate value of gifts received in the taxable year).
Amount used to calculate '2 percent" portion in interest calculation on estate tax paid in installments (IRC 6166 & 6601(j)) $1,570,000.
Aggregate decrease in value of qualified real property subject to special use valuation election cannot exceed this amount (IRC 2032A) $1,180,000.
Generally triggers reporting of any interest in 'specified foreign financial assets" in which the total exceeds this amount (Form 8938) $50,000.
Triggers reporting of receipt of interest in foreign financial accounts if in aggregate all accounts exceed this amount any time during the year (FBAR) $10,000.
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