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Exemption amounts under the state estate taxes vary, ranging from the federal estate tax exemption amount or $5.34 million, indexed for inflation (two states) to $675,000 (New Jersey). The most common amount is $1 million (three states and the District of Columbia).
The federal estate tax has a high exemption threshold, exempting most estates from taxation. ... The annual gift tax exclusion allows you to give up to $18,000 per person (as of 2024) without ...
The TCJA introduced a federal lifetime estate and gift tax exemption of up to $13.61 million for single taxpayers in 2024 ($27.22 million for joint filers). ...
Barring an extension or new legislation, the lifetime estate and gift tax exemption is due to revert to the pre-2017 Tax Cuts and Jobs Act level of $5.49 million at midnight on Dec. 31, 2025.
A ballot measure to amend the Constitution of Virginia to provide a tax exemption that is available to the surviving spouses of soldiers killed in action also available to the surviving spouses of soldiers who died in the line of duty passed with 93% support. [18]
Assets left to any other heir, including the decedent's children, may be taxed if that portion of the estate has a value in excess of the lifetime gift, estate, and generation-skipping transfer tax exemption amount. As of 2023, the federal exemption amount was $12,920,000. For a married couple, the combined exemption is $25,840,000. [10]
The lifetime exemption was essentially doubled under the TCJA, and in 2024 is $13.61 million for individuals and $27.22 million for couples (in 2025, it will be $13.99 million and $27.98 million ...
A gift tax, known originally as inheritance tax, is a tax imposed on the transfer of ownership of property during the giver's life. The United States Internal Revenue Service says that a gift is "Any transfer to an individual, either directly or indirectly, where full compensation (measured in money or money's worth) is not received in return."