IRS Releases 2022 Annual Exclusion and Estate, Gift, and Generation-Skipping Transfer Tax Exemption Amounts

December 28, 2021 by mreagor

On November 10, 2021, the Internal Revenue Service (IRS) issued Rev. Proc. 2021-45, which provides inflation adjustments for sixty-two sections of the Internal Revenue Code (I.R.C.). Most notably, the basic exclusion amount for decedents who die in 2022 was increased to $12.06 million, and the annual exclusion for gifts was increased to $16,000 (last increased in 2018). The “super” annual exclusion for gifts to noncitizen spouses is $164,000 for 2022. Rev. Proc. 2021-45, 2021-48 I.R.B. 764 (Nov. 10, 2021)

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From the South: Follow I-25 North past C470 to exit 199 for Belleview East, following off the exit to the right. At the third light (Ulster), turn right. Ulster turns into Prentice, and the Edward Building is on the right, which is the southwest corner.

From the North: Follow I-25 South to exit 199 for Belleview east. Turn left at the bottom of the exit onto Belleview. At the third light (Ulster) turn right. Ulster turns into Prentice, and the Edward Building is on the right, which is the southwest corner.