For tax year 2013, the IRS announced today annual inflation adjustments for more than two dozen tax provisions.
The annual exclusion for gifts rises to $14,000 for 2013, up from $13,000 for 2012.
The foreign earned income exclusion rises to $97,600, up from $95,100 in 2012.
Details on these inflation adjustments and others such as the low-income housing credit, the dollar limits for high-deductible health plans and other amounts can be found in Revenue Procedure 2012-41 which will be published in the Internal Revenue bullentin 2012-45 on November 5, 2012.
Stay tuned for more details!