Federal Estate Tax and Gift Tax Limits Announced For 2020

Soybean crops stand ready for harvest in a farm field in Queen Anne’s County, Md., on Oct. 24, 2012. (Photo by Steve Droter/Chesapeake Bay Program)

This is not a substitute for legal advice. 

            In November, the IRS announced the revised federal estate tax and gift tax limits for 2020.  For 2020, the federal estate tax limit will increase from $11.4 million to $11.58 million.  The federal gift tax limit will remain at $15,000 in 2020. In Maryland, state estate tax limits will stay at $5 million.

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Federal Estate Tax and Gift Tax Limits Announced For 2018

 

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Image by Shane Kemp

Editor’s note: Based on the passage of the Tax Cut and Jobs Act this post is no longer correct.  I will provide an updated post soon.

This is not a substitute for legal or tax advice.  

In October, the IRS announced the revised federal estate tax and gift tax limits for 2018.  For 2018, the federal estate tax limit will increase from $5.49 million to $5.6 million.  The federal gift tax limit will increase from $14,000 in 2017 to $15,000 in 2018.  In Maryland, state estate tax limits will increase to $4 million (up from $3 million in 2017). Continue reading