University of Maryland Extension

IRS Releases Final Rules on Portability

Paul Goeringer

Photo by Edwin Remsberg

            In June, the Internal Revenue Service (IRS) released the final regulations on the portability of a deceased spousal unused exclusion amount.  To put that in simpler terms, every man, woman, and child is allowed over his/her lifetime to give assets to others without paying gift, estate, or generation-skipping taxes.  This tax credit is known as unified tax credit and for 2015, the tax credit is capped at $5.43 million and increased based on inflation each year. 

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