The Internal Revenue Service has published Revenue Procedure 2024-40, which specifies tannual inflation adjustments for tax year 2025.

Here are some of the highlights:

• • Gift, estate and inheritance transfer tax exemption amounts: $13.99 million (up from $13.61 million).
• • Annual gift tax exemption (IRC Section 2503): $19,000 (up from $18,000).
• • Top income tax bracket (37%) for estates and trusts: $15,650 (up from $15,200).
• • Zero percent capital gains tax bracket for estates and trusts: $3,150
• • Annual exemption gift to noncitizen spouse: $190,000 (up from $185,000).