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What is the unified credit shelter amount?

April 26, 2017credit shelter Unified

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What is the unified credit shelter amount?

3 Answers

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A For gift tax purposes, the unified credit is $345,800, which would shelter $1,000,000 from tax. For estate tax purposes, the unified credit is $555,800, resulting in an applicable exclusion amount of $1,500,000.

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A. The applicable credit amount for estates of decedents dying during 2002 or 2003 is $345,800, which would shelter $1,000,000 from gift and estate taxes. For 2004 and 2005, the credit increases to $555,800, sheltering $1,500,000 from estate tax, however, for gift tax purposes, the exclusion remains at $1,000,000.

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– The applicable credit amount for estates of decedents dying during 2002 or 2003 is $345,800, which would shelter $1,000,000 from gift and estate taxes. For 2004 and 2005, the credit increases to $555,800, sheltering $1,500,000 from estate tax, however, for gift tax purposes, the exclusion remains at $1,000,000.