Today we will address some inflation adjusted tax changes for 2016.
For gifts made and estates of decedents dying in 2016, the exclusion amount will be $5,450,000 up from $5,430,000 from 2015.
For gifts made in 2016, the gift tax annual exclusion will be $14,000, which is the same as 2015.
For 2016, the credit allowed for an adoption of a child with special needs will be $13,460, which is up from $13,400 in 2015.
The maximum credit allowed for other adoptions will be the amount of qualified adoption expenses up to $13,460, that's up from $13,400 in 2015.
We will be taking a break next week and will return on November 17th.
Disclaimer: The items included in the Tax Tip Tuesday Video Blog are informational only and are not meant as tax advice. Consult with your tax advisor to determine how any item applies to your situation. IRS Circular 230 disclosure: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. federal tax advise contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein