IRS has released inflation adjustments related to income, estate, and gift taxes (Revenue Procedure 2008-66): (1) The Annual gift tax exclusion increased from $12,000 to $13,000 in 2009; (2) the aggregate decrease in the value of qualified real property to which Special Use Valuation is applied (IRC Sec. 2032A) can't exceed $1.0 million, up from $960,000 in 2008; (3) the amount used to determine the 2% portion of estate tax payable in installments is $1.33 million in 2009, increased from 1.28 million; (4) the standard deduction for Married filing jointly is $11,400, Heads of households $8,350, Unmarried $5,700, and Married filing separately $5,700...|more|