In November, Treasury and the IRS are expected to announce the inflation-adjusted rates for all income tax brackets, estate and gift tax exemptions, and the generation-skipping transfer tax exemption. Many commentators have already estimated that the 2015 estate and gift tax exemption, and GST exemption, will be $5,430,000 and the annual gift tax exclusion will…
Author: James V. Roberts
One-Year GRATs?
The regulations for grantor retained annuity trusts say that GRATs must be for a “specified term of years.” The word “years” seems to tell us that a GRAT must be for more than one year, but, then again, saying “specified term of year” is an odd phrase. Would one year be OK? It would certainly…
Higher Income, Capital Gains and Medicare Taxes – and What to Do
Beginning January 1, 2013, for tax years that end in 2013, the new 3.8% Medicare tax on net investment income goes into effect for single taxpayers with $200,000 or more of adjusted gross income, and married taxpayers filing jointly of $250,000 or more of adjusted gross income. Tax Applies to ALL Profit on Real Estate…