Treasury and the IRS just issued Revenue Procedure 2023-34 setting forth inflation-adjusted items for 2024 for various Internal Revenue Code provisions. In the estate, gift and generation-skipping tax arena, some of the numbers have been estimated for over a month. Now they are official. The Unified Credit Against Estate Tax provision says the basic exclusion…
Category: Capital Gains
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…