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March 10, 2018

2018 Federal and Illinois Estate, Gift, and Generation Skipping Transfer (GST) Tax Exemption Amounts

The 2018 Federal estate tax, gift tax, and generation skipping transfer (GST) tax exemption amounts are $11,180.00.00.

The 2018 Illinois estate tax exemption amount remains $4,000,000.00, the same amount as 2017. Illinois does not have a gift tax although lifetime gifts [adjusted taxable gifts (as defined for Federal estate tax return purposes)] are included in the calculation to determine the amount of the Illinois estate tax due upon death. Illinois does not impose a GST tax.

Tags: 2018 estate tax exemption federal generation skipping trannsfer gift tax gift tax exclusion Illinois

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