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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