Exclusions, Exemptions, Deductions

For 2022:                       

Federal Estate Tax Basic Exclusion:  $12,060,000 

Federal Annual Gift Tax Exclusion:  $16,000 (per donee) 

Personal Exemption:  Eliminated in 2018.

Standard Deduction:  The new law combines personal exemptions and the standard deduction into one larger standard deduction for 2018 and later.  2022$12,950 for singles and $25,900 for married couples.