Family Office Definition: Unified Credit
Unified Credit definition: An IRS federal tax credit for lifetime gifts that exceed the annual gift exclusion amount. A tax credit taken when a gift is made is subtracted from the lifetime credit amount and cannot be used again later in life. Gift taxes are owed on gifts that exceed the lifetime unified credit amount, and a gift tax form must be filed with the IRS when taking the unified credit. In the past, estate and gift tax exemptions combined for a “unified credit”. IRS code changed in 2009 for separate limits, so that the two are no longer truly unified.
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