As announced in Rev. Proc. 2015-53, IRS has announced that the following inflation-adjusted amounts are effective January 1, 2016:
- Annual exclusion from gift tax remains at $14,000 per donee.
- Annual exclusion from gift tax for gifts to a non-citizen spouse increases to $148,000 ($147,000 in 2015).
- Gift, estate and generation-skipping transfer tax exclusion amount increases to $5.45 million ($5.43 million in 2015).
- Highest income tax brackets begin at taxable income of:
- $466,950 (married filing jointly)
- $233,475 (married filing separately)
- $441,000 (heads of households)
- $415,050 (unmarried other than surviving spouses and heads of households)
- $12,400 (estates and trusts).