STANDARD DEDUCTION, GIFT TAX LIMITS, AND MARGINAL TAX BRACKETS FOR 2022
The Internal Revenue Service (IRS) announced the tax year 2022 annual inflation adjustments for more than 60 tax provisions. Click here to view the full list. Here's a summary of three provisions that may impact homeowners and homebuyers:
Gift Tax Exclusion
Marginal Tax Brackets
PLEASE NOTE: THIS LETTER AND OVERVIEW IS PROVIDED FOR INFORMATIONAL PURPOSES ONLY AND DOES NOT CONSTITUTE LEGAL, TAX, OR FINANCIAL ADVICE. PLEASE CONSULT WITH A QUALIFIED TAX ADVISOR FOR SPECIFIC ADVICE PERTAINING TO YOUR SITUATION. FOR MORE INFORMATION ON ANY OF THESE ITEMS, PLEASE REFERENCE IRS REVENUE PROCEDURE 2021-45.
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