2020 ESTATE & GIFT TAX EXEMPTIONS

Edit Estate Tax Exemption (“Basic Exclusion Amount”) $11,580,000 Applicable Credit Amount $4,577,800 Generation-Skipping Transfer (GST) Tax Exemption $11,580,000 Gift Tax Annual Exclusion $15,000 Taxable Income Threshold at which Highest Rate Applies for...

2019 Estate & Gift Tax Exemptions

Estate Tax Exemption ("Basic Exclusion Amount")$11,400,000 Applicable Credit Amount$4,505,800 Generation-Skipping Transfer (GST) Tax Exemption$11,400,000 Gift Tax Annual Exclusion$15,000 Taxable Income Threshold at which Highest Rate Applies for Trusts/Estates$12,750...

Prepaying State and Local Taxes in 2017

Don’t bother.  The Tax Cuts and Jobs Act generally eliminates the deductions for state and local property taxes, income taxes, and sales taxes. Starting in 2018, an individual will only be able to deduct these items if they are paid or accrued in carrying on a...