Gift Tax Credit Schedule for Transfers in 2001 and Beyond

Gift tax credit schedule under 2001 and 2010 Tax Acts

Year

Amount of Credit

Amount of Exemption Equivalent

2001

220,550

675,000

2002-2010

345,800

1,000,000

2011

1,730,800

5,000,000

2012

1,772,800

5,120,000

2013

2,045,800

5,250,000

 

Sources: Revenue Procedures 2013-15, 2011-52; Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010; The Economic Growth and Tax Relief Reconciliation Act of 2001; IRC Sec. 2010(c); Taxpayer Relief Act of 1997.

Note: The Economic Growth and Tax Relief Reconciliation Act of 2001 enacted a schedule of federal estate tax credit increases and gift tax credit increases that apply to tax years from 2002 to 2010. Unlike from 1988 – 2001, these two credit schedules were no longer unified into a single schedule during this period.

The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 has reunified the estate tax and gift tax credit schedules for 2011 and 2012. The American Taxpayer Relief Act of 2012 made the unification and indexing of these schedules permanent.

Categories: