On October 18, the IRS announced a number of inflation adjustments for the 2023 tax year.  The tax year 2023 adjustments described below generally apply to tax returns filed in 2024, and two key changes affect estate and gift taxes.

The annual gift tax exclusion is increasing from $16,000 per recipient to $17,000 per recipient.   The unified estate and gift tax exemption is increasing from $12.06 million to $12.92 million.

Other relevant inflation adjustments that might interest you: