Saturday, October 29, 2016

2017 Inflation Adjustments

Rev. Proc. 2016-55 has provided adjusted figures for 2017 for tax items subject to inflation adjustments. Here are some highlights:

Standard deduction - married filing jointly $12,700
Standard deduction - single persons $6,350
Standard deduction for a dependent $1,050
Standard deduction for aged or blind person $1,250
Overall Limitation on itemized deductions (Section 68(b)) $313,800 (Married person)
Personal exemption $4,050
Covered expatriate threshold based on average annual net income tax for preceding five years $162,000
Covered expatriate gross income exclusion $699,000
Foreign earned income exclusion $102,100
Unified credit against estate tax and gift tax $5,490,000
Maximum §2032A value reduction $1,120,000
Gift tax annual exclusion $14,000 (no change)
Gift tax annual exclusion for gifts to noncitizen spouse $149,000
Tax on arrow shafts (my favorite tax) $0.50 per shaft
Notice of large gifts received from foreign persons $15,797
2% interest rate portion on estate tax payable in installments $1,490,000
Penalty for failure to file a partnership return or S corporation return $200
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