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Rev. Proc. 2022-38, 2022-45 IRB 1, makes various adjustments for inflation in 2023. One adjustment is the amount of the basic exclusion that will increase to $12.92 million from $12.06 million . This amount also applies to inheritance tax. See IRC Sec. 2631. Another amendment is to provide an annual exemption that will increase from $16,000 to $17,000. The annual exclusion for gifts to a non-citizen spouse is $175,000. For income tax purposes, (i) exemption and (ii) standard deduction has been increased and brackets have been changed.
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