Last month the Internal Revenue Service issued a proposed regulation addressing large gifts made prior to 2026. The basic exclusion amount for estate or gift tax for the year 2017 was $5,490,000.00. The 2017 Tax Cuts and Jobs Act increased the basic exclusion amount from 5 million to 10 million for tax years 2018 through 2025 with both dollar amounts adjusted for inflation. For the year 2018 the basic exclusion amount adjusted for inflation is $11,180,000.00 million. For 2019 the basic exclusion amount adjusted for inflation is $11,400,000.00. Under the 2017 Tax Cuts and Jobs Act in the year 2026,
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