We have gone from scrambling to deal with a decrease in the unified credit under proposed legislation, to now enjoying the 2022 inflation adjustments. Enjoy!
2022 Annual Gift Tax Exclusion – increased to $16,000 from $15,000. Good news, but makes it a little harder to do the math for mutliple gifts in your head.
2022 Estate/Gift/GST Exemption – increased to $12.06 million from $11.7 million.
2022 Annual Exclusion Gift to non-U.S. Citizen Spouse – increased to $164,000.
Let’s not forget my favorite annual amount announcement – for calendar year 2022, the tax imposed under§ 4161(b)(2)(A) on the first sale by the manufacturer, producer, or importer of any shaft of a type used in the manufacture of certain arrows is $0.55 per shaft.