IRS Annual Inflation Adjustments for 2022
As we round the bend into 2022, it may please some of you to review the IRS annual inflation adjustments:
The annual gift tax exclusion has increased to $16K in 2022, from $15K in 2021. This means a single person can now gift up to 16K annually, without federal tax implications.
Gift, estate, and GST tax exemption amount will be $12.06M for 2022 for a single person, up from $11.7M in 2021. It has increased to $24.12M for a married couple, up from $23.4M in 2021.