1. Under the new tax plan everyone will lose personal exemptions.
This will be slightly offset by increases to child tax credits and the standard deduction.
*Note that the child tax credit does start to decrease when household income reaches $200K.
3. The limit on non-taxable gifts has been raised to $15K per person.
This means gifting a child and their spouse $30K would not be taxed. This is useful when gifting property, as the property can be gifted on $30K increments over several years.
*FinTrust Investment Advisors, LLC and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.