In 2026, the IRS raised the federal estate tax exemption to $15 million per individual. You may also give up to $19,000 per person each year without triggering gift tax. The recipient generally
owes no tax and does not need to report the gift unless it comes from a foreign source. However, if you give more than $19,000 to any one individual in 2026, you must file a gift tax return to
report the excess.
Easy Tax Service in Prescott Valley can help if you have any questions about estate and gift taxes. Our tax preparers have over fifty years of combined experience preparing taxes. Easy Tax Service is open year-round and committed to providing high-quality tax preparation. Please give us a call at 928-775-7000 to schedule an appointment today.