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Estate Tax Exemption Amount Goes Up in 2023

Started by Epoch-Times-Bot, Nov 20, 2022, 12:30 PM

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Epoch-Times-Bot

Nov 20, 2022, 12:30 PM
Estate Tax Exemption Amount Goes Up in 2023

Every year, the IRS announces new limits on the estate tax exemption for the upcoming year. It is the amount of money people can give away without having to pay a federal estate tax. The number is primarily for rich people who have large amounts of money.
The federal estate tax exemption has been raised from $12,060,000 to $12,920,000 for 2023. It means that a millionaire (or billionaire) can give away this amount, and a couple could give away $25.84 million without having to pay any taxes on the money.
The $12.92 million exemption is a lifetime gift tax exemption. It is the maximum amount that you can give away over your lifetime....

Source: Estate Tax Exemption Amount Goes Up in 2023

xenzol

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Aug 17, 2024, 12:23 AM
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