Draft instructions for Form 709, United States Gift (and Generation-Skipping Transfer) Tax Return, posted Aug. 15 reflects inflation adjustments for gifts made in 2022. The new limits are for annual gift tax exclusion ($16,000), the applicable exclusion amount ($12,060,000), the basic credit amount ($4,769,800), exclusion for gifts made to spouses who are not U.S. citizens ($164,000). The top rate for gifts and generation-skipping transfers remains 40%, the instructions notes. [Draft Instructions for Form 709 (2022)]
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