Publication 950 (Rev. October 2011) What’s New Department Cat. No. 14447X of the • The annual gift exclusion remains $13,000 Introduction Treasury in 2011 and 2012. See Annual exclusion, Internal Revenue later, for more information. to Estate Service • The...
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Publication 950 (Rev. October 2011) What’s New Department Cat. No. 14447X of the • The annual gift exclusion remains $13,000 Introduction Treasury in 2011 and 2012. See Annual exclusion, Internal Revenue later, for more information. to Estate Service • The basic exclusion amount for gifts made and estates of decedents who died in cal- and Gift endar year 2011 is $5,000,000, and $5,120,000 for gifts made and estates of Taxes decedents who die in 2012. • Beginning in 2011, the Deceased Spousal Unused Exclusion (DSUE) amount may be added to the basic exclusion amount to determine the applicable exclusion amount. The DSUE is only available if an election is made on the Form 706 filed by the deceased spouse’s estate. • The IRS has a created a page on IRS.gov for information about Publication 950, at www.irs.gov/pub950. Information about any future developments affecting Publica- tion 950 (such as legislation enacted after we release it) will be posted on that page. Introduction If you give
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