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IRS Eyes Limits on Exclusion of Large Gifts From Estate Tax (2)

April 26, 2022, 1:21 PMUpdated: April 26, 2022, 3:49 PM

The IRS proposed limits on a special rule that protects taxpayers from having to pay future estate taxes on large gifts made from 2018 through 2025.

The proposed rules (REG-118913-21, RIN 1545-BQ22) were issued Tuesday.

The proposed rules would place limitations on a special rule adopted in 2019 that ensures that the estate of a donor is not taxed on completed gifts that were free of gift tax when made. The 2017 tax-law overhaul increased the estate and gift tax exclusion amounts for 2018 through 2025, but the exclusion is currently set to return to lower ...