Estate and Gift Tax Planning Opportunities Under the Tax Cuts and Jobs Act
In my January 12, 2018 blog, in which I addressed the Tax Cuts and Jobs Act[1] which became effective January 1, 2018, I reviewed some of the changes affecting the federal estate and gift tax – primarily the doubling of the exemption to $11,180,000 per… Read More
Estate and Gift Tax Consequences of the Tax Cuts and Jobs Act
On December 22, 2017 President Trump signed the Tax Cuts and Jobs Act which became effective January 1, 2018, although many of its provisions will sunset on December 31, 2025. Most of the changes under the Act affect the federal corporate and personal income tax,… Read More
Is a Federal Income Tax Deduction Available for 2018 Real Property Taxes Paid Before December 31, 2017?
Under the Tax Cuts and Jobs Act the standard deduction has been doubled to $12,000 for single individuals and married individuals who file separately and to $24,000 for married couples who file jointly. As a result, many individuals who will itemize on their 2017 federal… Read More
Seeking to Repeal the Federal Estate Tax – The Sequel
In 2001 President George W. Bush tried to repeal the federal estate tax. He was successful — but only for one year, 2010. Then during the administration of President Obama the federal estate tax returned. Under the new estate tax law the rate of tax… Read More