The Internal Revenue Service issued Revenue Procedure 2015-53, which provides its official inflation-adjusted tax rate schedules and other key tax figures for 2016. The Federal estate tax and gift tax applicable exclusion amount will increase from $5.43 million in 2015 to $5.45 million in 2016. In 2016, the Federal gift tax annual exclusion amount will continue to be $14,000. The first $148,000 of gifts to a spouse who is not a citizen of the United States (other than gifts of future interests in property) are not included in the total amount of taxable gifts made during the year.

For more information on other inflation-adjusted tax rates, Revenue Procedure 2015-53 is available here.

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