In Rev. Proc. 2010-40, Internal Revenue Bulletin 2010-46 (Nov. 15, 2010), the IRS set forth certain inflation-adjusted tax items for 2011. The inflation adjustments include the following, which take effect on Jan. 1, 2011:
- The annual exclusion remains at $13,000 under IRC Section 2503.
- The first $136,000 (up from $134,000) of qualifying gifts to a non-citizen spouse aren't included in the year's total amount of taxable gifts under IRC Sections 2503 and 2523.