ESTATE AND GIFT TAX
INFLATION ADJUSTMENTS
This table shows year-by-year the increases
in thresholds for selected amounts that are adjusted for inflation on
an annual basis. Beginning in 2004, the Generation Skipping Exemption
is equal to the Applicable
Exclusion Amount.
|
Year |
Generation-skipping exemption |
Ordinary annual exclusion from gift tax |
Annual exclusion for gifts to a non-citizen spouse |
Special use valuation reduction limit |
"2-percent portion" for §6166 |
Reporting gifts from foreign persons ** |
|
2000 |
$1,030,000 |
$10,000 |
$103,000 |
$770,000 |
$1,030,000 |
$10,931 |
|
2001 |
$1,060,000 |
$10,000 |
$106,000 |
$800,000 |
$1,060,000 |
$11,273 |
|
2002 |
$1,100,000 |
$11,000 |
$110,000 |
$820,000 |
$1,100,000 |
$11,642 |
|
2003 |
$1,120,000 |
$11.00 |
$112,000 |
$840,000 |
$1,120,000 |
$11,827 |
|
2004 |
$1,500,000* |
$11,000 |
$114,000 |
$850,000 |
$1,140,000 |
$12,097 |
|
2005 |
$1,500,000* |
$11,000 |
$117,000 |
$870,000 |
$1,170,000 |
$12,375 |
|
2006 |
$2,000,000* |
$12,000 |
$120,000 |
$900,000 |
$1,200,000 |
$12,760 |
|
2007 |
$2,000,000* |
$12,000 |
$125,000 |
$940,000 |
$1,250,000 |
$13,258 |
|
2008 |
$2,000,000* |
$12,000 |
$128,000 |
$960,000 |
$1,280,000 |
$13,561 |
*Equals Applicable
Credit Amount
**IRS Notice 97-34 increased the amount that an individual can receive from
a foreign person to $100,000, not adjusted for inflation.
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