Federal Transfer Tax Items
2022 | 2023 | |
---|---|---|
Top estate tax rate |
40% | 40% |
Top gift tax rate |
40% | 40% |
Top generation-skipping tax (GST) rate |
40% | 40% |
Annual gift tax exclusion per donee |
$16,000 | $17,000 |
Applicable lifetime gift tax exemption |
$12,060,000 | $12,920,000 |
Applicable estate tax exemption |
$12,060,000 | $12,920,000 |
Applicable generation-skipping tax (GST) exemption |
$12,060,000 | $12,920,000 |
Transfers to a spouse during life or at death (U.S. citizens) |
Unlimited | Unlimited |
Annual gift tax exclusion for transfer to non-citizen spouse |
$164,000 | $175,000 |
Reporting threshold for gifts received from foreign corporations and partnerships |
$17,339 | $18,567 |
Reporting threshold for gifts received from non-resident aliens and foreign estates |
$100,000 | $100,000 |
California Transfer Tax Items
2022 | 2023 | |
---|---|---|
Top California estate tax rate—there is no California estate tax |
N/A | N/A |
Top California gift tax rate—there is no state gift tax |
N/A | N/A |
Florida Transfer Tax Items
2022 | 2023 | |
---|---|---|
Top Florida estate tax rate—there is no Florida estate or inheritance tax |
N/A | N/A |
Top Florida gift tax rate—there is no state gift tax |
N/A | N/A |
Illinois Transfer Tax Items
2022 | 2023 | |
---|---|---|
Top Illinois estate tax rate |
16% | 16% |
Estate tax exemption |
$4,000,000 | $4,000,000 |
Top Illinois gift tax rate—there is no state gift tax |
N/A | N/A |
Maryland Transfer Tax Items
2022 | 2023 | |
---|---|---|
Top Maryland estate tax rate |
16% | 16% |
Estate tax exemption |
$5,000,000 | $5,000,000 |
Top Maryland gift tax rate—there is no state gift tax |
N/A | N/A |
Massachusetts Transfer Tax Items
2022 | 2023 | |
---|---|---|
Top Massachusetts estate tax rate |
16% | 16% |
Estate tax exemption |
$1,000,000 | $1,000,000 |
Top Massachusetts gift tax rate—there is no state gift tax |
N/A | N/A |
New Hampshire Transfer Tax Items
2022 | 2023 | |
---|---|---|
Top New Hampshire estate tax rate—there is no New Hampshire estate or inheritance tax |
N/A | N/A |
Top New Hampshire gift tax rate—there is no state gift tax |
N/A | N/A |
New York State Transfer Tax Items
2022 | 2023 | |
---|---|---|
Top New York estate tax |
16% | 16% |
Estate tax exemption |
$6,110,000 | $6,580,000 |
Top New York gift tax rate—there is no state gift tax |
N/A | N/A |
Rhode Island Transfer Tax Items
2022 | 2023 | |
---|---|---|
Top Rhode Island estate tax rate |
16% | 16% |
Estate tax exemption |
$1,648,611 | $1,733,264 |
Top Rhode Island gift tax rate—there is no state gift tax |
N/A | N/A |
Virginia Transfer Tax Items
2022 | 2023 | |
---|---|---|
Top Virginia estate tax rate—there is no Virginia estate or inheritance tax |
N/A | N/A |
Top Virginia gift tax rate—there is no state gift tax |
N/A | N/A |
District of Columbia Transfer Tax Items
2022 | 2023 | |
---|---|---|
Top D.C. estate tax rate |
16% | 16% |
Estate tax exemption |
$4,254,800 | TBD (estimated to be $4,594,000) |
Top D.C. gift tax rate—there is no state gift tax |
N/A | N/A |
Questions?
The Nixon Peabody Private Clients group will be pleased to answer any questions you may have. Please do not hesitate to contact us. Thank you.