Revenue Procedure 2008-66Revenue Procedure 2008-66
In Revenue Procedure 2008-66, I.R.B. 2008-15, (Nov. 10, 2008), the Internal Revenue Service set forth certain inflation-adjusted tax items for 2009. The inflation adjustments include the following, which are effective Jan. 1, 2009: The annual exclusion is increased to $13,000 (up from $12,000) under Internal Revenue Code Section 2503. The first $133,000 (up from $128,000) of qualifying gifts to a
January 1, 2009
David A. Handler
In Revenue Procedure 2008-66, I.R.B. 2008-15, (Nov. 10, 2008), the Internal Revenue Service set forth certain inflation-adjusted tax items for 2009. The inflation adjustments include the following, which are effective Jan. 1, 2009:
The annual exclusion is increased to $13,000 (up from $12,000) under Internal Revenue Code Section 2503.
The first $133,000 (up from $128,000) of qualifying gifts to a noncitizen spouse are not included in the year's total amount of taxable gifts under IRC Sections 2503 and 2523.
The amount used to calculate the “2 percent portion” for purposes of IRC Section 6166 is now $1.33 million (up from $1.28 million).
For decedents dying in 2008, if the executor elects to use the special use valuation method under Section 2032A for qualified real property, the resulting aggregate decrease in the property's value of the qualified real property resulting from such election may not exceed $1 million, up from $960,000.
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