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Federal Gift and Estate Tax Exemption Levels
Glossary
The gift tax annual exclusion amount for gifts from one individual to another individual in 2008 is $12,000 per person per donee.
You can learn more about estate, gift and income taxes and charitable deductions, and also read IRS Publication 950 Introduction to Gift and Estate Taxes at http://www.irs.gov/ .
This web page does not provide legal or financial advice, nor is it a comprehensive review of the topic. You should consult your legal and financial advisers and Clarkson University before making or planning your gift.
|
Year |
Estate Tax Exemption |
Generation Skipping Tax Exemption |
Lifetime Gift Tax Exemption |
Maximum Estate & Gift Tax Rates |
|
2006 |
$2,000,000 |
$2,000,000 |
$1,000,000 |
46% |
|
2007 |
$2,000,000 |
$2,000,000 |
$1,000,000 |
45% |
|
2008 |
$2,000,000 |
$2,000,000 |
$1,000,000 |
45% |
|
2009 |
$3,500,000 |
$3,500,000 |
$1,000,000 |
45% |
|
2010 |
Estate Tax suspended |
GST Tax suspended |
$1,000,000 |
Rate equals top income tax rate |
|
2011 |
$1,000,000 |
$1,120,000 adjusted for post-2003 inflation |
$1,000,000 |
55% |
The gift tax annual exclusion amount for gifts from one individual to another individual in 2008 is $12,000 per person per donee.
You can learn more about estate, gift and income taxes and charitable deductions, and also read IRS Publication 950 Introduction to Gift and Estate Taxes at http://www.irs.gov/ .
This web page does not provide legal or financial advice, nor is it a comprehensive review of the topic. You should consult your legal and financial advisers and Clarkson University before making or planning your gift.