Federal Estate and Gift Taxes The federal estate and gift tax exemption represents the amount that an individual may gift or transfer at death without the payment of any federal transfer tax. The federal estate and gift tax exemption for 2022, indexed for inflation, is $12.06 million, up from $11.7 million in 2021. The generation-skipping … Read More
Category: Taxes
Connecticut Conveyance Tax Rate Change
Categories: Real Estate, TaxesConnecticut Conveyance Tax Change Mansion Tax – Effective July 1, 2020 Effective July 1, 2020 the second tier of the mansion tax for residential real estate conveyances will go into effect. The Second tier is at the rate of 2.25% on the portion of such consideration in excess of $2,500,000.00. CONVEYANCE TAXES FOR RESIDENTIAL DUE … Read More
Governor Lamont Executive Order 7S – Tax Relief
Categories: General, TaxesGovernor Lamont Executive Order 7S – Tax Relief April 1, 2020. Gov. Ned Lamont has issued an order to allow tax relief for eligible taxpayers, businesses, nonprofits, and residents who have been economically affected by the COVID-19 pandemic. In Executive Order 7S, issued April 1, Lamont directed municipalities to establish two tax programs, a “Deferment … Read More
Tax Cuts & Job Act, Provision 11011 Sec 199A – Qualified Business Income Deduction – FAQs
Categories: TaxesTax Cuts and Jobs Act, Provision 11011 Section 199A – Qualified Business Income Deduction – FAQs Below are answers to some basic questions about the new 20% deduction for pass-through businesses. Also known as the §199A deduction or the deduction for Qualified Business Income (QBI), the deduction was created by the 2017 Tax Cuts and … Read More
The 2017 Tax Act
Categories: TaxesThe 2017 Tax Act will take some time to fully absorb and to sort out all its implications and impacts. In the meantime, here is a very cursory overview of the law and some of the provisions that may affect you and your family. Standard Deductions. Taxpayers who do not itemize deductions take the “standard” deduction. … Read More