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…
Category: Tax
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…