Large Gifts Now Will Not Harm Estates After 2025
Individuals who take advantage of the increased gift and estate tax exclusion amounts in effect from 2018 to 2025 will not be adversely impacted after 2025 when the exclusion amount is scheduled to drop to pre-2018 levels. The Treasury Department and the IRS this week issued proposed regulations, which implement changes from the 2017 Tax Cuts and Jobs Act (TCJA). As a result, individuals planning to make large gifts between 2018 and 2025 can do so without concern that they will lose the tax benefit of the higher exclusion level once it decreases after 2025. Treasury and IRS welcome public comment.
Information provided by www.irs.gov Issue Number: 2018-47