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Rev. Proc. 2022-38 and Inflation Adjustments for 2023

November 21, 2022/less than a minute

2022-12

Rev. Proc. 2022-38, 2022-45 IRB 1, makes various 2023 inflation adjustments.  One adjustment is for the basic exclusion amount which will increase to $12.92 million from $12.06 million.  This amount will also apply for the generation-skipping transfer tax.  See IRC Sec. 2631.  Another adjustment is for annual exclusion gifts which will increase from $16,000 to $17,000.  The annual exclusion for gifts to non-citizen spouses will be $175,000.  For income tax purposes, (i) the exemptions and (ii) the standard deductions have been increased and the rate brackets have been changed.

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