How Much Estate and Gift Tax Exemption Do I have? Give Away the Gift Before 2026!
According to IRS regulation, each US citizen has gift tax exemption in whole life.
Below is the gift tax exemption for these five years (2017-2021). However, IRS is going to adjust the exemption to 5 million in 2026.
2017: $5,490,000 (Five Million, Four Hundred and Ninety Thousand Dollars)
2018: $11,180,000 (Eleven Million, One Hundred and Eighty Thousand Dollars)
2019: $11,400,000 (Eleven Million, Four Hundred Thousand Dollars)
2020: $11,580,000 (Eleven Million, Five Hundred and Eighty Thousand Dollars)
2021: $11,700,000 (Eleven Million, Seven Hundred Thousand Dollars)
It means that if you didn’t give away any gift before, and you give away 6 million dollars to someone in 2021, your exemption will remain about 5 million dollars before 2026. However, once IRS adjust the exemption to million in 2026, you will not have exemption any more.
USCPA Sophie Luo (羅霞) reminds you that you should make the tax planning as soon as possible and give away the gift in time.
Read more: Who Pays US Gift Tax?
If you have any questions or need further help,
please contact us at the USCPA Sophie Luo (羅霞) +886 980919600
or Email: ustaxproservice@gmail.com
Also welcome to visit our website: https://www.ustaxproservice.com
(USTAX Service LLC)