About three weeks ago, the IRS and Treasury issued Rev.Proc. 2024-40 which provides most of the updated 2025 numbers for 36 categories related to all sorts of taxes, which covers everything from tax rate tables to qualified small employer health reimbursement arrangements. If you want a copy of the entire Rev. Proc, please email me and I will email it to you.
This newsletter is only about the numbers related to gift, estate and generation-skipping transfer tax, and, even at that, only the ones that most people care about. For example, this doesn’t cover the tax rates for estates and trusts or valuation of qualified real property, etc.
So with that said, here are the big news numbers:
Annual gift exclusion goes up from $18,000 to $19,000.
Lifetime estate and gift exemption goes up from $13,610,000 to $13,990,000.
Lifetime generation-skipping tax exemption is the same.
Annual exclusion of gifts to a non-citizen spouse (not counting future interests) is increasing from $185,000 to $190,000.
I hope that helps.