IRS Announces Inflation Adjustments for 2023 Gifting

On Tuesday, October 18, 2022, the IRS released tax inflation adjustments for tax year 2023. Notably, the federal gift, estate and generation skipping transfer (“GST”) tax exemption amounts will increase from $12.06 million to $12.92 million and the annual exclusion for gifts will increase from $16,000 to $17,000 per donor/recipient beginning January 1, 2023.