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Alexandria, VA Estate Planning Blog

Tuesday, November 29, 2011

IRS 2012 Inflation Adjustments

IRS Rev. Proc. 2011-52, 2011-45 IRB t2='hr',10/20/2011, IRC Sec(s). 1

The above revenue procedure sets forth inflation adjustments for 2012 under certain circumstances. Included within the procedure is the following:

 

Unified Credit Against the Estate Tax

For an estate of any decedent dying in calendar year 2012, the basic exclusion amount is $5,120,000 for determining the amount of the unified credit against estate tax under section 2010. 

 

Annual Exclusions for Gifts

(1) For calendar year 2012, the first $13,000 of gifts to any person (other than gifts of future interests in property) are not included in the total amount of taxable gifts under section 2503 made during the year. 

(2) For calendar year 2012, the first $139,000 of gifts to a spouse who is not a citizen of the United States (other than gifts of future interests in property) are not included in the total amount of gifts under section 2503 and 2503(i)(2)

 

Notice of Large Gifts Received from Foriegn Persons

For taxable years beginning 2012, recipients of gifts from certain foriegn persons may be required to report these gifts under section 6039F if the aggregate value of gifts received in a taxable year exceeds $14,723. 

 

Valuation of Qualified Real Property in Decedent Gross Estate

For the estate of a decedent dying in calendar year 2012, if the executor elects to use the special use valuation method under section 2032A for qualified real property, the aggregate decrease in the value of qualified real property resulting from electing to use 2032A for purposes of the estate tax cannot exceed $1,040,000

 

PLEASE NOTE, AS WITH ALL INFORMATION ON THIS WEBSITE, THE ABOVE INFORMATION IS NOT LEGAL ADVICE. YOU SHOULD CONSULT A COMPETENT AND LICENSED PROFESSIONAL BEFORE TAKING OR NOT TAKING ANY ACTION. 


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