On November 6, 2019, the IRS published Rev.Proc. 2019-44 which contains all of the inflation adjusted rates and amounts for 2020. These include the tax rate tables for use in computing income, kiddie tax rates, capital gains rates, adoption credit, lifetime learning credit, etc. For example, one notable change is the standard deduction for married individuals filing jointly and surviving spouses has increased to $24,800.
This Rev.Proc. makes official the estate and gift tax exclusion amounts of $11,580,000 announced on this website on September 25. This year, it is $11,400,000, so that is an increase of $180,000. The generation-skipping transfer (GST) tax exemption is also going to be $11,580,000.
The annual gift tax exclusion remains the same in 2020 as it has been this year, that is, $15,000 per donor per donee per calendar year.