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R
rick5280
January 27, 2025
Question

2024 Form 709, Instructions for Part 2, line 7

  • January 27, 2025
  • 1 reply
  • 0 views

I am trying to determine where the dollar amount of $5,389,800 comes from in the instructions for Line 7 of Part II of Form 709.  Thanks in advance. 

    1 reply

    M-MTax
    M-MTax
    January 27, 2025

    It's the basic credit amount.

     

    Table of Basic Exclusion and Credit Amounts

     

    (as Recalculated for 2024 Rates)

    PeriodExclusion AmountsCredit Amounts
    1977 (Quarters 1 & 2)$30,000$6,000
    1977 (Quarters 3 & 4)$120,667$30,000
    1978$134,000$34,000
    1979$147,333$38,000
    1980$161,563$42,500
    1981$175,625$47,000
    1982$225,000$62,800
    1983$275,000$79,300
    1984$325,000$96,300
    1985$400,000$121,800
    1986$500,000$155,800
    1987 through 1997$600,000$192,800
    1998$625,000$202,050
    1999$650,000$211,300
    2000 and 2001$675,000$220,550
    2002 through 2010$1,000,000$345,800
    2011$5,000,000$1,945,800
    2012$5,120,000$1,993,800
    2013$5,250,000$2,045,800
    2014$5,340,000$2,081,800
    2015$5,430,000$2,117,800
    2016$5,450,000$2,125,800
    2017$5,490,000$2,141,800
    2018$11,180,000$4,417,800
    2019$11,400,000$4,505,800
    2020$11,580,000$4,577,800
    2021$11,700,000$4,625,800
    2022$12,060,000$4,769,800
    2023$12,920,000$5,113,800
    2024$13,610,000$5,389,800

     

     

    https://www.irs.gov/instructions/i709#en_US_2024_publink1000292380

    R
    rick5280Author
    January 28, 2025

    Thank you for this info.

     


    Rick

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