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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