IRS Announces Inflation Adjustments for 2022

By Lisa Adler, Harrison & Moberly LLP

Cold weather season brings sweaters, holiday planning, and – for those who work in estate and tax planning – IRS inflation adjustments. On November 10, 2021, the IRS announced the annual inflation adjustments for tax year 2022.  

Of particular interest to estate planners:

• For decedents passing in 2022, the basic exclusion amount will be $12,060,000, up from $11,700,000 in 2021
• The annual gift tax exclusion will increase in 2022 to $16,000, up from $15,000 in 2021 

Other inflation adjustments can be found on the IRS website.

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