IRS Increases Estate and Gift Tax Exemption for 2027
The Internal Revenue Service (IRS) has announced that the federal 'basic exclusion amount' for estate and gift taxes will rise to $15.48 million per person in 2027, up from $15 million in 2026. These exemptions apply to tax-free transfers made both during an individual's lifetime and upon death. In addition to the estate tax adjustment, the IRS is increasing figures for various other provisions, including federal income tax brackets, capital gains tax brackets, and eligibility thresholds for the earned income tax credit. This move follows inflation adjustments intended to address rising living costs across the United States.
Topics: Estate Tax Gift Tax Inflation Adjustment IRS Tax Policy
Part of the story IRS Announces Adjusted Federal Income Tax Brackets and Standard Deductions for 2027 (3 articles)