Richard Rubin
speaker
1,496 appearances
29 recordings
1 series
first heard Oct 2017
last heard Jan 2024
Richard Rubin’s voice in public audio — every appearance, attributed to the second.
Trend
recordings per month · last 12 monthsNo recordings in the last 12 months.Older appearances are listed below; set an alert to hear about the next one.
Appearances
So that's a big jump.
And then the gift tax exclusion also changes.
That's the amount that you can give annually to any other person without using any of that lifetime exemption.
This year, 2022, it's $16,000.
Next year, 2023, it jumps to $17,000.
Yes, and those are areas where in periods of higher inflation like we have now, people will experience what are effectively tax increases if they're benefiting from those frozen in time tax provisions.
One is the $10,000 limit on the state and local tax deductions, something we've talked about before and people know very well.
Well, that's $10,000 flat.
So to the extent that your state taxes continue going up, you're getting less and less of a benefit.
the child tax credit remains $2,000 maximum per child.
$2,000 in 2023 is just not worth as much as $2,000 in 2018 or 2020 or 2022.
And so the value of that tax break in real terms will erode.
There are a couple other provisions that are not adjusted for inflation.
One is the amount of capital losses that you can deduct against ordinary income that's limited to $3,000.
It's been that way since the late 1970s.
You can, of course, still deduct capital losses against capital gains, and those aren't limited in the same way.
But for a lot of people who have some money-losing investments but also have ordinary income, that $3,000 limit will pinch and pinch more.
And then the other one to think about, too, is the sale of personal residence.
Since the late 90s, the amount of capital gains that you can exclude from income when you sell your personal residence has been $250,000 for an individual and $500,000 for a married couple.
And there are, of course, more and more houses that are now subject to that, that are over that because those have been frozen in time.
Showing 121–140 of 1,496 · page 7 of 75
← Previous
Next →