The Internal Revenue Service (IRS) has released the inflation adjustments for specific tax figures for calendar year 2017. Highlights include:
- The first $14,000 of gifts to any person can be excluded from the total amount of taxable gifts made during 2017, and the first $149,000 of gifts to a non-US-citizen spouse can be excluded from the total amount of taxable gifts under §§ 2503 and 2523(i)(2) made during that year.
- Gifts from certain foreign persons must be reported to the IRS if the aggregate value in 2017 exceeds $15,797.
- For a parent to elect to include a child’s gross income in their own gross income and to calculate the “kiddie tax,” the child’s gross income in 2017 must be more than $1,050 but less than $10,500.
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